Jefferies Maintains Buy, $54 PT on DuPont

Jefferies reiterates its Buy rating and $54 target price on DuPont DD and raises estimates on the stock as the company's outlook banks on productivity. Jefferies says, “DuPont laid out expectations for 2012 and the longer term at its investor day this week, reiterating its 12% EPS CAGR target for what we believe should be achievable in the 3-5 year planning horizon (we estimate 11.8% through 2015). The 2012 outlook of $4.20-$4.40 was better than expected, helped by productivity and faster Danisco synergies and we are raising our estimate by $0.15 to $4.20.” DD closed at $43.91 per share on Tuesday.