DuPont "neutral," target price reduced

01/13/06 - Banc of America

NEW YORK, January 13 (newratings.com) - Analyst Kevin McCarthy of Banc of America Securities reiterates his "neutral" rating on DuPont (DD), while reducing his estimates for the company. The target price has been reduced from $43 to $41.

In a research note published yesterday, the analyst mentions that DuPont is witnessing market share loss for corn seed and is facing tough market trends in auto OEMs, which account for 15% of the company’s total sales. DuPont’s Cozaar/Hyzaar pharma patents are scheduled to expire in 2010, the analyst says. The EPS estimate for 2006 has been reduced from $2.75 to $2.30.