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NEW YORK (TheStreet) -- TheStreet's Jim Cramer says DuPont  (DD) - Get DuPont de Nemours, Inc. Report is "under siege and it's not going to stop." Trian Partners, the hedge fund founded by activist investor Nelson Peltz, wants to get a seat on the company's board of directors, and Cramer says it sounds like a proxy fight is coming.

Cramer says Trian believes DuPont is under earning and should be split into "fast grow" and "slow grow," as in the old DuPont business that is not nutrition and seeds versus the nutrition and seeds business that is growing quickly. He thinks if this were to happen, then Syngenta  (SYT) would buy the seed business.

The undercurrent here, according to Cramer, is that DuPont has not been able to sell divisions correctly under CEO Ellen Kullman. He says there is between $2 billion and $4 billion in fat at the company.

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Cramer says Peltz will not rest until DuPont is "Heinz'd," "Krafted" (KRFT) or "Wendy'd" (WEN) - Get Wendy's Company Report , companies where Peltz brought out tremendous value. Cramer thinks that Peltz is right in this case.

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Cramer says the perspective from Kullman's camp is the stock has outperformed the S&P since she came on in January 2009. She has eliminated some of the underperforming divisions and she has returned the company's focus to its roots of science and enzymes.

But Cramer says she has guided down earnings multiple times, which is where Peltz has it right.

TheStreet Ratings team rates DuPont as a "buy" with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:

"We rate DU PONT (E I) DE NEMOURS (DD) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its increase in net income, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels, good cash flow from operations and growth in earnings per share. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."

You can view the full analysis from the report here: DD Ratings Report

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