UPDATE: Citigroup Reiterates Neutral Rating, Lowers PT on DuPont

In a report published Wednesday, Citigroup reiterated its Neutral rating on DuPont

, but lowered its price target from $49.00 to $47.00. Citigroup noted, “We rate the shares of DuPont Neutral. While DD has a broad geographic footprint and is performing well in its Ag businesses, supply and demand fundamentals have become less robust in TiO2, and pricing has turned lower amid global destocking. Additionally, higher titanium ore costs are contributing to TiO2 margin pressure. Moreover, ongoing weakness in electronics, particularly PV, adds to our cautious stance.” DuPont closed on Tuesday at $43.69.