BofA Securities analysts downgraded Dow (NYSE:DOW) to Underperform from Neutral and lowered their price target on the stock to $55.00 from $64.00. They stated that the anticipated demand recovery for Dow has not materialized as expected, negatively impacting prices. Consequently, the analysts lowered the EBITDA estimates for 2023-24 by 10% each, to approximately $6.0 billion and $7.1 billion, respectively.

The analysts also believe that Street estimates for the second half of 2023 and 2024 may face downside risks. Considering the challenging outlook and adjusted forecast, the current valuation of Dow appears high, with limited potential upside to the price target, according to the analysts.