NTR - Dow CF Industries lead Citi downgrade of five commodity chemical stocks

CF Industries (NYSE:CF), Dow Inc. (NYSE:DOW), Olin (NYSE:OLN) and Westlake (WLK) all trade lower after Citi downgraded the commodity chemical stocks to Neutral from Buy, seeing more downside ahead following the Fed's aggressive rate hike that likely will slow the economy. Citi analyst P.J. Juvekar thinks short-term expectations for CF Industries (CF) are too bullish, as he downgraded the stock and lowered its price target to $99 from $123 on relative valuation. Dow (DOW) was downgraded with a $60 PT, cut from $82, due to "slower economic activity and weaker expectations for integrated ethylene margins." Juvekar cut Olin (OLN) and dropped its PT to $55 from $74, foreseeing demand risks in EDC/PVC and epoxy, which consume chlorine and could lead to lower chlor-alkali utilization. Westlake (WLK) was cut with a $114 PT, slashed from $180, on downside risks from higher interest rates on construction, housing and consumer spending. Juvekar also

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Dow, CF Industries lead Citi downgrade of five commodity chemical stocks