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Alex Brown downgraded shares of DuPont, PPG and Eastman
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Deutsche Banc Alex. Brown downgraded shares of chemical firms DuPont Co., PPG Industries Inc., and Eastman Chemical Co. Both Dupont and PPG were downgraded to "market perform" from "buy" as the stocks have reached their 12-month price targets, analyst John Moten said in a report.
Shares of Eastman were cut to "buy" from "strong buy" because of the company's decision to delay the spinoff of its polyethylene and acetate fibers (PET) businesses.
Moten also cut the company's 2002 earnings per share forecast to $2.60 per share from $3.00 per share and its 12-month share price target to $46 from $51.
"We believe... the spinoff... has limited the near-term upside catalyst in the shares," Moten said.
Shares of DuPont were off 93 cents, or more than 2 percent, at $44.04 in mid-day trade on the New York Stock Exchange. PPG's stock was off 83 cents, or 1.51 percent, at $54.01, also on the NYSE. Eastman's shares were off $2.03, or more than 5 percent, at $35.99.
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December 12th, 2001
Source: Yahoo |
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