Citi Sees Buying Opportunity In Dow Chemical (DOW)

In a research report released by Citigroup today, the firm's analysts said that they see a buying opportunity in Dow Chemical DOW after weak 2Q results triggered a sell off in the name. The stock has fallen more than 10% in the last month. The company reported weaker than expected earnings on August 3rd. The analysts wrote that "We recently met with DOW's CEO and tried to gauge if weak 2Q results were an anomaly or the beginning of a trend. Part of the issue - the outages which hurt EPS by 7 cents/share - seemed more transitory in nature. The other issue, soft propylene derivative exports, appears to have been resolved. While macro concerns remain, we believe investor reaction has created a buying opportunity of DOW shares relative to others in the sector." Citi has a target price of $34.00 on the stock. During today's trading session, DOW shares have gained 3.12% to $24.48.