Story updated at 9:55 a.m. to reflect market activity.
Dow Chemical fell -0.7% to $53.79 in morning trading.
The analyst firm reiterated its "equal weight" rating for the chemical company. Dow's pricing improved in all geographic regions according to Barclays analyst Duffy Fischer.
"After recording solid earnings, and maintaining bullish outlook commentary, the stock is now trading at a level that could lead to triggering the convert of the preferred shares," Fischer wrote. "The company maintains that converting these shares would be the most desirable outcome for shareholders as they are a more costly capital than regular shares. We think investors will view the conversion as positive as Dow will probably ramp up share buyback when the preferreds convert."
Separately, TheStreet Ratings team rates DOW CHEMICAL as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate DOW CHEMICAL (DOW) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its compelling growth in net income, revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance and reasonable valuation levels. We feel these strengths outweigh the fact that the company shows low profit margins."