New York, July 25 (FinanceEnquiry.com) – Analyst Leo Larkin at S&P CAPITAL IQ upgrades their ratings on Dupont (NYSE: DD) from HOLD to BUY. The 12-month target price has been raised from $55 to $56.
In a research note published today, the analyst states that the target price has been raised on the view that as first half is over, DD will now be valued on the estimated EPS of 2013. The 2012 estimates have been reduced from $4.29 to $4.24 to adjust for a higher tax rate assumption, though 2013 has been kept at $4.65.
At the target price, the estimated P/E on 2013 EPS estimate would be at the low end of the 10 year historical range. DD has been assumed to be attractive, trading at 10.2x of 2013 estimate. DD reported Q2 operating EPS of $1.48 against $1.29 on a sales gain of 7.2 percent, topping the estimate of $1.43 and Capital IQ consensus estimate of $1.46, the analyst says.
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