UPDATE: Jefferies Downgrades DuPont to Hold on EU Demand Outlook

Jefferies lowers its rating on DuPont DD from Buy to Hold and reduces its price target from $62 to $55. Jefferies notes, "To better reflect a weaker EU demand outlook and incremental deterioration in TiO2 dynamics (price increases stalling earlier than expected), we are lowering 2012E $0.10 to $4.25 and 2013E $0.20 to $4.60. Multiple expansion appears less likely as capital will likely flow to other recovery plays." DD closed at $50.57 on Friday.