William L. Moore
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After A Downgrade In June, Dow Chemical Back To Overweight For JPMorgan

JPMorgan has upgraded Dow Chemical Co  to Overweight, following its downgrade to Neutral in June on Brexit concerns.

"The reports of our chemical companies concerning order patterns and business conditions in July suggest that European recessionary conditions are not a base case, and that global demand is holding up generally well," analyst Jeffrey Zekauskas wrote in a note.

The analyst still believes Dow Chemical/E I Du Pont De Nemours And Co  could be "a large free cash generator over a longer period of time as Dow's capital expenditures move substantially lower." Further, the company is expected to benefit from significant capacity expansions and efforts to achieve cost reduction in the consolidation of the companies.