DuPont De Nemours Inc.: Risk Reward Update

Research evidence excerpt

M

Update

August 5, 2026 01:44 AM GMT

DuPont De Nemours Inc. | North America

Morgan Stanley & Co. LLC

Vincent Andrews

Equity Analyst

Risk Reward Update

DuPont De Nemours Inc. (DD.N, DD UN)

What’s Changed

Chemicals | United States of America

Updated Components

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

52-Week Range

EPS

Investment Thesis

Bull Base Bear Scenarios

Fiscal Year Ending

Equal-weight

In-Line

$156.00

$142.93

$157.92-87.23

12/25 12/26e 12/27e 12/28e

Risk Reward for DuPont De Nemours Inc. (DD.N) has been

updated

EPS ($)**

Prior EPS ($)**

Reason for change

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

e = Morgan Stanley Research estimates

5.04

7.25

7.09

7.62

7.54

8.27

8.18

We update our estimates for DD post 2Q26 reporting. We update our EPS

estimates as follows: 3Q26 is revised from $1.95 to $1.85 (vs. $1.85 guide; $1.93

consensus), 2026 is revised from $7.09 to $7.25 (vs. $7.17-$7.32 guide; $7.17

consensus), 2027 is revised from $7.54 to $7.62 (vs. $7.90 consensus), and 2028 is

revised from $8.18 to $8.27 (vs. $8.59 consensus). Accordingly, 3Q26 EBITDA is

revised from $469M to $448M (vs. ~$448M guide; $463M consensus), 2026

EBITDA is revised from $1,745M to $1,760M (vs. $1.750B-$1.770B guide; $1,753M

consensus), 2027 EBITDA is unchanged at $1,860M (vs. $1,868M consensus), and

2028 EBITDA is unchanged at $1,961M (vs. $1,983M consensus). Our updated

forecast primarily reflects: (i) the 2Q26 beat and midpoints of updated guidance

ranges; (ii) segment commentary including organic growth guides (2Q/2H in each

segment) and margin color; and (iii) $250M announced 3Q26 share buybacks, FCF

conversion closer to 100% (prior: >90% target) and other modeling items.

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