UPDATE: J.P. Morgan Raises PT on DuPont on Trimmed 2013 EPS Estimate

In a report published Tuesday, J.P. Morgan analyst Jeffrey J. Zekauskas reiterated a Neutral rating on DuPont DD, and raised the price target from $50.00 to $58.00.

In the report, J.P. Morgan noted, “We trimmed our 2013 EPS estimate for DuPont from $3.75 to $3.70. The sources of our earnings reduction are lower expectations for the Agricultural and the Nutrition & Health business in 2Q:13. Our 2014 EPS forecast remains unchanged at $4.35, and we shaved our 2015 EPS forecast from $5.00 to $4.95. Our 2013 earnings estimate for DD is now (5%) lower versus our initial EPS forecast at the outset of 2013, or $3.70 versus $3.90, previously. We moved our price target out one year from December 2013 to December 2014. We maintain our 9.0x target EBITDA valuation, now applied to 2014E vs 2013E previously, which changes our price target from $50 to $58. We maintain our Neutral rating for DuPont.”

DuPont closed on Monday at $53.70.