UPDATE: J.P. Morgan Color On DOW Upgrade And PT Increase

J.P. Morgan, which upgraded Dow Chemical Company DOW while raising its PT, is providing some color on the stock. “Dow Chemical shares outperformed the market over the previous year, rising about 27% versus 14% for the S&P,” J.P. Morgan writes. “Over this period we preferred Lyondell and Eastman, which outperformed Dow. We preferred Lyondell and Eastman to Dow because they shared Dow's cyclical strengths but traded at a significant discount to Dow on an EV/EBITDA basis.” Dow Chemical closed Thursday at $40.71.