DuPont (DD) PT Raised to $75 at Citi

Citi analyst Pat Cunningham raised the price target on DuPont (NYSE: DD) to $75.00 (from $74.00) while maintaining a Buy rating.

The analyst comments "Our takeaways from last Friday’s call: 1) DD noted a majority of the ~$500mm of estimated tariff-related cost exposure in FY25 is related to the company moving intermediate products from the US into China. DD expects to reduce this cost impact to ~$60mm (roughly split evenly between ElectronicsCo and IndustrialsCo) through mitigation actions such as supply chain optimization. 2) In Semis, while DD expects a more normalized demand level in China for the balance of the year following a period of strong domestic demand driven by new fab startups, strength in advanced node and packaging application demand continues. On the ICS side, DD noted that customers operate close to demand levels, meaning that there is less pull-forward dynamics. 3) DD expects +MSD-HSD growth for Water in FY25, with strong demand for reverse osmosis and ion exchange. DD also highlighted nascent technologies such as DLE and PFAS cleanup present upside opportunities."

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