DuPont price target raised to $107 from $101 at BMO Capital

BMO Capital analyst John McNulty raised the firm’s price target on DuPont (DD) to $107 from $101 and keeps an Outperform rating on the shares. The firm notes the company announced the sale of their Aramid business to Arclin for $1.8B, including about $1.2B of cash, a $300M note and $325M of equity. While the multiple of 7.2-7.7 times 2024 EBITDA may not wow investors, it rids the New DuPont of a lower margin/growth, cyclical business, bringing the updated business-mix to nearly 50/50 Water&HC/Industrial, says BMO. The firm says DuPont remains a top pick.