Blue-Chip Chemical Stock eyes 10th spot just after bullish ratings

Citigroup upgraded DOW to ‘buy’ from ‘neutral’

Dow Inc (NYSE:DOW) received a flurry of bullish ratings today, following yesterday’s first quarter earnings and revenue. Citigroup updated the chemical name to ‘buy’ from ‘neutral’, with the price target rising to $82 from $70, noting that the stock tends to outperform the broader market in times of strength. inflation. Five other analysts also raised their price targets, although they noted supply chain issues.

The DOW is up 1.2% to trade at $70.34, and on course for its 10th straight daily win. The stock hit a record high of $71.86 yesterday, before falling back to close at $69.51. Year-to-date, the DOW is up 25%.

There is still plenty of room for additional upgrades and/or target price increases in the future. Of the 24 analysts covered, 15 still call the DOW a lukewarm “hold” or worse. Additionally, the 12-month consensus price target of $70.63 is in line with current levels.

When it comes to options activity today, the May 73 call is by far the most popular, and also happens to be the first open interest position. Calls have recently gained in the options pits, with 2.61 calls bought for each put option over the past 10 weeks on the International Securities Exchange (ISE), Cboe Options Exchange (CBOE) and NASDAQ OMX PHLX (PHLX). This ratio is higher than 81% of last year’s readings, indicating that long calls were picked up at a faster rate than usual.

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