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Dow cut at Morgan Stanley, preferring LyondellBasell

Dec. 02, 2019 3:10 PM ETDow Inc. (DOW) Stock, LYB StockLYB, DOWBy: Carl Surran, SA News Editor14 Comments
  • Dow Inc. (DOW +0.1%) is downgraded to Equal Weight from Overweight with an unchanged $58 price target at Morgan Stanley, which also resumes coverage of LyondellBasell (LYB +0.6%) with an Overweight rating and $110 price target.
  • While noting his LYB price target, with 19% upside, is "generally not enough for us to advise putting new money to work in a commodity chemical stock," Stanley analyst Vincent Andrews thinks investors should own a commodity name in 2020 and LYB offers the best commodity chemical risk/reward.
  • Consensus expectations for Dow include much more improvement in 2020 than they do for LYB, Andrews says, also viewing LYB's ability to keep buying back stock and possibly raise its dividend as another key differentiator between the two stocks in 2020.
  • Dow's average Sell Side Rating is Neutral, while its Seeking Alpha Authors' Rating is Bullish.

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