DuPont upgraded to Buy from Hold at Jefferies

Jefferies analyst Laurence Alexander upgraded DuPont to Buy from Hold with a price target of $101, up from $78. The firm says the cyclical recovery trade for DuPont is all about volumes, not spreads. The company provides both operating leverage to the next cycle in electronics, construction and manufacturing, as well as support for multiple expansion based on portfolio evolution through cultural change and asset selection, the analyst tells investors in a research note. Jefferies believes discipline around free cash flow deployment should lead to a “constructive narrative” for DuPont over the next 2-3 years.