KeyBanc analyst Aleksey Yefremov downgraded DuPont to Sector Weight from Overweight without a price target. The risk/reward for chemical stocks is "skewed favorably" in 2023 but upside this year will be "modest," Yefremov tells investors in a research note. The analyst expects stock returns to be "capped by only a tepid earnings rebound" from the Q4 trough, and says valuations are already close to discounting mid-cycle conditions. HIs downgrade of DuPont reflects his below-consensus estimates, the stock’s recent outperformance, and risks around semiconductor volumes and construction in the first half of 2023.
Published first on TheFly
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