JPMorgan analyst Jeffrey Zekauskas started Dow Inc. (DOW) with an Underweight rating and $49 price target. The shares, over time, are likely to trade at a 0.0-0.5 tomes EBITDA multiple point turn to a normal 6.5-7.0 times multiple of EBITDA for large North American petrochemical companies, Zekauskas tells investors in a research note. The analyst expects Dow to trade over time at roughly a half turn premium to LyondellBasell (LYB), its closest comparable. Dow trades in the public markets at a premium to comparable companies because of its larger dividend, contends Zekauskas. However, he believes the market has yet to see the low point of domestic ethylene and polyethylene margins for 2019-2020 and adds that Dow's earnings and trading multiples are sensitive to oil prices.