Analysts at Morgan Stanley are bullish on the newly independent DuPont (DD - Get Report) following its separation from DowDuPont, initiating coverage on the company with an overweight rating and $78 price target.

DuPont is now an independent company after DowDuPont completed a three-way split that became official on June 1. Morgan Stanley analyst Vincent Andrews believes that the company compares well to fellow industrial company 3M (MMM - Get Report) . 

"DuPont and 3M have meaningful overlap across DuPont's segments, as well as a similar geographic and end market mix. We forecast revenue growth profiles for both companies at global GDP plus rates (~3.5%)," Andrews wrote. "We expect all of DuPont's metrics to improve both organically (through existing cost out / synergy programs) and inorganically (as the company shifts $2B of presumably below company average EBIT margin sales into a "noncore" segment while it seeks buyers for those assets)."

Separately, DuPont celebrated its new independence by announcing a $2 billion share buyback program that expires on June 1, 2021. 

DowDuPont completed a merger in 2017, but now the company has been broken into three different entities consisting of Dow Inc.  (DOW) , DuPont and Corteva Agriscience.

DuPont shares were rising 9.1% on Monday while Dow shares climbed 1.56%. Corteva

Dow, DuPont and Corteva are all holdings in Jim Cramer's Action Alerts PLUS charitable trust