SunTrust analyst James Sheehan raised his price target on Dow Inc to $52 after its Q3 earnings beat, saying the company's integrated polyethylene margins topped industry averages by about 3c per lb. The analyst notes that the management is focusing on "rationalizing" capital expenditure and "working down" its stranded costs while its silicones investment story appears to be "unappreciated". Sheehan keeps his Hold rating on Dow Inc longer term however, adding that its valuation multiple of 6.8-times his expected FY20 EBITDA is appropriate based on the eroding olefins fundamentals and waning industrial macro trends.