20 July 2009 17:07 [Source: ICIS news]
HOUSTON (ICIS news)--Goldman Sachs has reinstated its “conviction buy” rating for US major Dow Chemical due to progress the company is making in integrating its acquisition of Rohm and Haas, the US firm said on Monday.
In recent weeks, Dow has announced the mergers of several of its business units with Rohm and Haas units.
Dow’s record of integrating acquisitions, its ability to cut costs and its increased specialty-chemicals exposure from the Rohm and Haas deal could lead to a 2010 earnings rebound, Goldman Sachs said.Goldman Sachs issued a 12-month price target of $23/share for Dow.
Dow shares surged by 59 cents, or 3.5%, to $17.58/share in early Monday trading on the New York Stock Exchange.
Dow typically does not comment on analyst reports.
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