BMO Capital Markets downgrades Dow to 'underperform', cuts PT

BMO Capital Markets downgrades rating on chemical company Dow DOW.N to "underperform" from "market perform", lowers PT to $22 from $29

New PT represents a 20.7% downside to the stock's last close

Brokerage says weakness across its end-markets is resulting in soft pricing and lower volumes/operating rates, which will likely result in severely challenged Q2 EBITDA and 2H estimates coming solidly lower

"With no end in sight for these anemic earnings levels, there appears a heightened risk DOW may cut the dividend," - BMO adds

3 of 22 brokerages rate the stock "buy" or higher, 16 "hold" and 3 "sell" or lower; median PT is $32 - data compiled by LSEG

Up till last close, stock down 30.8% YTD