** Dow Inc's DOW.N shares down 2.7% to $28.10 early Tues after BofA Global Research downgrades chemical firm to 'underperform' from 'buy'

** BofA slashes PT from $44 to $28, lowest on Wall Street, per LSEG data

** Co now facing a "perfect storm" of softening macroeconomic environment, emerging trade barriers and higher U.S. feedstock costs, BofA writes in note

** BofA says co to encounter earnings headwinds from slowing economy, pointing to significant leverage to GDP growth and cyclical end-markets such as construction and autos, and U.S. petrochemical industry's reliance on exports, including to China

** Exacerbating the earnings hit, co's ~$2 bln annual dividend now looks increasingly at risk, BofA says

** In Jan, co said it would reduce global headcount by 1,500 as part of cost savings plan due to lackluster demand and margin pressures

** Now, of 23 brokerages covering DOW, recommendation breakdown is 3 "strong buy" or "buy", 18 "hold" and 2 "sell"; median PT of $37 down from $44 a month ago

** With move on Tues, shares down 30% YTD, including ~20% drop this month. In comparison, S&P 500 Chemicals index SPXCM has lost 3.5% in 2025

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))