Oppenheimer Reiterates Perform Rating on Dupont (DD)

Oppenheimer is out with a research report this morning, where it reiterates its Perform rating on E.I. Dupont de Nemours DD; it did not provide a price target for the stock. The Oppenheimer analysts cited a recent meeting with company management following DD’s Q2 earnings report, which was impressive. Interesting to note is that management said that they are, “looking for signals of downturn, but don't see it." The analysts also noted that DD’s management is very comfortable with its range of $2.90 to $3.05 for 2010 EPS. Management noted that they plan to revisit their longer-term 2012 $3.45 EPS target at an analyst day on December 9. The Oppenheimer analysts noted, “Photovoltaics with $1B in revenue by 2011E, and DD well-positioned as only 10% of the total bill of materials cost while figuring critically in panel life and efficacy. Cash priorities include the dividend and bolt-on acquisitions (nothing transformational). DD trades at 14.8x '11E P/E our conservative estimate with an attractive 4.0% dividend.”