J.P. Morgan Raising Price Target On Dupont

J.P. Morgan Chase & Co. is raising its price target on E.I. du Pont de Nemours & Company DD to $53 from $51, and it has an Overweight rating on shares. In a note sent to investors J.P. Morgan writes, "We raise our 2011 EPS estimate from $3.40 to $3.55, and our 2012 EPS forecast from $3.80 to $4.00. We lift our 2011E price target from $51 to $53 to reflect our earnings revision. Should DuPont reach our 2011 EPS target and the shares sell at a multiple of 15x EPS, the stock would be worth $53, representing 9.7% growth, and supplemented by a 3.4% dividend yield." Shares of DD lost 56 cents yesterday to close at $48.32.