Alex Brown downgraded shares of DuPont, PPG and Eastman

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.

600450 Alex Brown downgraded shares of DuPont, PPG and Eastman

See more news about:

Others also read

DowDuPont™ today announced the members of the future boards of directors of Dow, DuPont, and Corteva Agriscience™, establishing strong governance structures that will support the long-term value creation of each independent company.
After 25 years of operation, the DuPont™ Tedlar® PVF film-based TPT backsheets on solar panels at the Mont-Soleil solar array remain in pristine condition.
New STEM education facility at Carnegie Science Center targeted to open in 2018.
PPG has designed and produced windows for the Breakthrough Laminar Aircraft Demonstrator in Europe (BLADE), a Clean Sky Smart Fixed Wing Aircraft Integrated Technology Demonstrator (SFWA ITD).
PPG reaches agreement with Nippon Electric Glass for sale of remaining fiberglass operations.
PPG and Vision Systems have reached a commercial agreement to work together on developing new applications utilizing Vision Systems’ electronically dimmable window shading solutions for aircraft.

Add new comment