Dow Analysts Increase Their Forecasts Following Better-Than-Expected Q3 Earnings

Dow Inc. (NYSE:DOW)/a> on Thursday reported better-than-expected third-quarter earnings and revenue.

Dow reported adjusted earnings of 71 cents per share, beating analysts’ consensus estimate of 64 cents. Revenue rose 13% year over year to $11.267 billion, narrowly exceeding the consensus estimate of $11.266 billion.

Dow expects fourth-quarter operating EBITDA of approximately $1.5 billion, supported by about $100 million in additional cost savings and more than $100 million in lower turnaround expenses.

"Dow delivered a solid third quarter, driven by targeted downstream growth and disciplined execution against an evolving macro backdrop," said Karen S. Carter, Dow chief executive officer.

Dow shares rose 3.3% to trade at $32.86 on Friday.

These analysts made changes to their price targets on Dow following earnings announcement.

li>RBC Capital analyst Arun Viswanathan maintained the stock with a Sector Perform and raised the price target from $29 to $32./li> li>Wells Fargo analyst Abigail Eberts maintained the stock with an Overweight rating and raised the price target from $35 to $40./li> li>Citigroup analyst Patrick Cunningham maintained the stock with a Neutral and boosted the price target from $30 to $32./li>

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