DuPont downgraded to Hold from Buy at Deutsche Bank

Deutsche Bank analyst David Begleiter downgraded DuPont to Hold from Buy with a price target of $80, up from $75. The analyst expects a "challenging" December quarter earnings season for U.S. chemicals with most companies either meeting or slightly missing already lowered estimates and offering "muted" March quarter outlooks. Driving December quarter results was significant inventory destocking, slowing demand, particularly in Europe and in construction related end markets, a lack of any recovery in China and higher energy and raw material costs, Begleiter tells investors in a research note. The analyst says these headwinds more than offset "modest" price and cost tailwinds and improving supply chain and logistic constraints.