UPDATE: Citigroup Upgrades E I du Pont de Nemours and Co to Buy

In a report released early this morning, Citigroup analyst P.J. Juvekar upgraded du Pont DD from a Neutral to a Buy rating while raising its price target from $61 to $70. The report focused on the seperation of the company's performance chemicals unit, and how this will unlock more value by allowing the two new companies to focus on their core competencies. It also noted that the new company is expected to take $3 billion in debt with it, lightening du Pont's debt load. Comparisons were drawn between this separation and the split between Monsanto MON and Solutia in the 1990's, and the beneficial effects it had. The over all thesis of the report was that companies with greater specialization tend to perform better. Following the upgrade, E I du Pont de Nemours shares rose 1.74 percent to $62.45.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: NewsUpgradesPrice TargetAnalyst RatingsMovers
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!