Beaten-down chemical industry stock Dow (NYSE: DOW) absorbed another body blow on Monday. Investors traded out of the company’s shares, on the back of an analyst’s bearish adjustment, to the point where they closed the day more than 2% lower in value. In contrast, the S&P 500 (SNPINDEX: ^GSPC) ended up rising by 0.2%.
The pundit behind the move was Jefferies‘ Laurence Alexander. Well before market open that day, he reduced his Dow price target to $23 per share from his preceding $28. He maintained his hold recommendation on the shares in the process.
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