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

J.P. Morgan, which upgraded Dow Chemical Company (NYSE: 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.