RBC Capital slashed Dow’s price target by 45% and downgraded the stock amid broader market strength in Q2.
RBC Capital downgraded DOW to Sector Perform and reduced its price target from $51 to $28, a nearly 45% cut. The move contrasts with broader market gains, as U.S. indices posted their strongest first-half performances in years.
The Dow Jones Industrial Average closed at 52,317, up 0.26% for its best first half since 2021, while the S&P 500 and Nasdaq also saw significant gains. Despite the rally, the Magnificent 7 stocks underperformed, signaling potential shifts in market leadership.
Futures traded lower ahead of Q3, following a record-setting quarter that saw the Russell 2000 rise over 21%, its best first half since 1991.