Analyst Note| Seth Goldstein, CFA |
DuPont reported solid first-quarter results as operating EBITDA was up 15% versus the prior-year quarter. The growth was driven by higher volume amid strong demand from the company's electronics, transportation, and housing end markets. Management raised its sales, operating EBITDA, and adjusted EPS guidance for the year, citing continued strong demand. In light of the first-quarter results, we think the increased guidance is achievable. Having updated our model to reflect higher near-term results, we raise our fair value estimate to $92 per share from $90. Our narrow moat rating is unchanged.