DD: Analysts Cut DuPont Earnings Outlook

A day after DuPont (DD Quote) issued an earnings warning, analysts are stepping in to cut earnings forecasts for the chemical giant.

DuPont yesterday lowered its earnings outlook by 15 to 17 cents per share for 2000, saying higher raw material and energy costs, the weak euro and slowing demand will hurt earnings.

Today, UBS Warburg analyst Jeffrey Cianci cut DuPont's earnings per share estimates to $2.90 in 2000 and $3.35 in 2001 from $3.05 and $3.50, respectively. Cianci cut his target share price to $45 from $55 and maintained a neutral rating.

Donaldson Lufkin & Jenrette cut 2001 earnings per share estimates for DuPont to $3.40 from $3.50.

DuPont was recently trading down $1.00, or 2.37%, to $41.13. It hit a 52-week high of $71.63 in January.