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Birthday : 06/16/1947
Place of birth : France
Linked companies : Johnson Matthey PLC - Akzo Nobel NV
Biography : Patrick Webster Thomas is a British businessperson who has been the head of 5 different companies an

DuPont Shares up 9% Following Corteva Split

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06/03/2019 | 01:15pm EDT

By Patrick Thomas

Shares of DuPont de Nemours Inc. (DD) were up about 9% to $70.56 Monday as analysts were bullish on the new company's value following the completion of the three-way split of DowDuPont.

Dow Inc. spun off from DowDuPont in April, comprising the plastics and materials businesses combined from the 2017 merger of Dow Chemical Co. and DuPont.

Corteva Agriscience Inc. completed its separation from DowDuPont Monday, resulting in a new DuPont focused on specialty products like enzymes, construction materials and Kevlar bulletproof fibers.

DuPont, based in Wilmington, Del., has a presence in more than 70 countries.

Analysts at Morgan Stanley said in a research note that they see value in DuPont whether its business segments are separated into individual companies or if it stays as a multi-industry conglomerate. Morgan Stanley initiated coverage of the new DuPont Monday and set a $78 a share price target.

"We expect shares to outperform as management pursues a dual track strategy of positioning itself organically to be re-rated over time as a true multi-industry company; and seeking to inorganically maximize the value of its four distinct operating segments," the analysts said in the note.

DuPont also completed a one-for-three reverse stock split following the distribution of Corteva shares.

Write to Patrick Thomas at patrick.thomas@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
CORTEVA INC 0.00%End-of-day quote.0.00%
VALUE8 -0.72% 5.54 Delayed Quote.17.72%
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