UPDATE: Piper Jaffray Downgrades DuPont to Neutral, Lowers PT

In a report published Monday, Piper Jaffray & Co. downgraded its rating on DuPont

from Overweight to Neutral, and lowered its price target from $53.00 to $51.00. Piper Jaffray noted, “We are downgrading shares of DD to Neutral (from Overweight) and lowering our price target to $51 (from $53). While management executes on the strategy of shifting toward more growth-oriented market segments, it is impossible to overlook the inherent cyclicality of the company's legacy industrial segments and the lack of progress in improving the profitability of S&P and Electronics. These factors have combined to weigh on the market's sentiment on the stock and valuation – which we believe will lead to a range-bound stock until at least mid-2013. Additionally, the ~$4 billion from closing the sale of DPC should be substantially accretive (through some combination of debt reduction, share repurchases, and acquisitions), though we are somewhat cautious about guidance for FY13 (typically established in December).” DuPont closed on Friday at $44.15.