JPMorgan analyst Jeffrey Zekauskas upgraded Dow Inc. to Neutral from Underweight with an unchanged price target of $49. Consensus estimates for both price and volume in the second half of 2019 are now more conservative with trade issues between the U.S. and China unresolved, Brexit issues in Europe pending, and global growth slower, Zekauskas tells investors in a research note. Following an 18% share decline since early April, Dow's valuation now reflects a petrochemical company multiple for 2020 that is closer to a more normal range, adds the analyst. . He believes stock's risk/reward "now splits more evenly."