shares of dow inc fell for the first time in 2023 putting them on track to snap their recordtying win streak after fermium analyst frank mitsch backed away from his rare but longtime bullish call on the materials science company the stock dow dropped 19 in afternoon trading after soaring 165 over the past nine days the win streak had tied the nineday stretch that ended april 21 2022 which tied the record nineday streak that ended june 13 2019 fermium’s mitsch downgraded dow to hold after being at buy for at least the past three years dow started regular trading as an independent company in april 2019 after being spun off from dowdupont before the downgrade mitsch was one of just four analysts of the 26 surveyed by factset that had been bullish on dow now he’s one of 21 analysts who are neutral on the company there are two bearish analysts meanwhile his stock price target of 60 implied 42 upside from current levels and was 145 above the average analyst price target of 5241 mitsch said one of the reasons for his bullish stance was dow’s relatively high dividend based on current stock prices dow’s annual dividend rate of 280 a share implies a dividend yield of 486 that makes it the 22nd highest yielding stock in the sp 500 index spx  and is nearly triple the implied yield of the sp 500 of 169 but with the recent climb in the yield of the twoyear us treasury note tmubmusd02y  to 4216 in recent trading the socalled “riskfree” investment has “materially closed the gap” with dow’s dividend yield mitsch is also concerned about valuation given the rally to start the year over the past 18 months mitsch said the stock has reached technically overbought levels based on the relative strength index rsi momentum indicator the rsi which measures the magnitude of a stocks’ recent gains against the magnitude of recent declines is used by wall street chart watchers aggressive buyers are sellers are acting relative to other periods of significant moves the latest rsi reading is at the “highest overbought level” since the spinoff from dowdupont mitsch said after the five previous overbought periods dow’s stock fell by an average of 5 over the following month to underperform the sp 500 over that time “though we’re quite aware that the consensus rating on dow has been hold since august of 2019 alas we’re joining the gang” mitsch said the company is slated to report fourthquarter results on jan 26 with the factset consensus for operating earnings per share expected to show a yearoveryear decline of about 73 to 57 cents sales are expected to fall 16 to 1205 billion dow’s stock has run up 272 over the past three months while the dow jones industrial average djia has climbed 126 and the sp 500 has advanced 88