UPDATE: J.P. Morgan Resumes Coverage on DuPont at Overweight

J.P. Morgan is out with its report today on DuPont (NYSE: DD), resuming coverage at Overweight.

In a note to clients, J.P. Morgan writes, "We were restricted on DuPont due to J.P. Morgan's involvement in the transaction announced on January 9, 2011. Now that the transaction is complete, we are resuming coverage with an Overweight rating (previously Overweight) and a December 2012 price target of $60 (previously a December 2011 target of $51). DuPont's longer-term earnings prospects seem to possess a durable character, and its valuation appears attractive relative to its peers. Our 2011E EPS is unchanged at $3.85. We lift our 2012E EPS from $4.40 to $4.55 to include the acquisition of Danisco, which closed on May 19. We raise our 2013 EPS projection from $5.00 to $5.25 for similar reasons."

Shares of DD closed Thursday at $51.17, up 0.78% from Wednesday's close.