09 November 2012 18:01 [Source: ICIS news]
LONDON (ICIS)--Erste Group Bank has place a 'Sell' recommendation on the stock of DuPont, claiming that the earnings outlook for the American plastics and chemicals major has deteriorated significantly, the Austria-headquartered bank said on Friday.
DuPont's net profit is expected to fall from 2011's $3.71bn (€2.89bn) to $3.22bn in 2012, with $3.43bn expected in 2013, according to the latest figures from Erste, which previously had a 'Hold' recommendation on the company's stock.
“The earnings outlook for [DuPont in] 2013 has deteriorated significantly in recent weeks. The stock also shows weakness and it is expected that this trend should continue for a while. We therefore recommend the selling of the equity,” Erste said in a commentary on its stock rating downgrade.
($1 = €0.78)
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