JPMorgan analyst Chigusa Katoku cut DuPont de Nemours Inc. (DD) to neutral from overweight on Friday and lowered her price target to $145 from $172. Investing.com reported the call, which argues the stock's run since last year's spin-off already reflects the recovery she expected.

The note gives two reasons. The short-cycle inventory recovery that helped DuPont "has largely played out," Katoku wrote, and it now "decelerates." Short-cycle orders are ones customers place and receive within weeks, so restocking reaches sales quickly.

She also wrote that a re-rating toward electrical equipment and multi-industry peers "will take time." The call is not a verdict on management. Katoku credited its "execution in the first year post spin" and said she is watching for further portfolio moves.

A $145 target equals about 20 times this year's earnings guide

The new target sits 9.4% above the $132.48 share price Investing.com quoted, as calculated by Trend & Ticker. It is also 15.7% below her old $172 target.

DuPont raised its 2026 outlook on August 4. It now guides to adjusted earnings per share of $7.17 to $7.32. It expects operating EBITDA (earnings before interest, taxes, depreciation and amortization) of $1.75 billion to $1.77 billion.

At the $7.245 midpoint, the shares trade at 18.3 times this year's adjusted earnings. The $145 target equals 20.0 times, as calculated by Trend & Ticker.

Second-quarter numbers gave Katoku little to fault. Net sales rose 4% to $1.819 billion, with organic growth also at 4%. Operating EBITDA rose 6% to $448 million, and adjusted EPS reached $1.88 against $1.27 a year earlier.

Chief executive Lori Koch said in the August release that DuPont "delivered another strong quarter, exceeding our financial guidance and demonstrating our focus on consistent execution."

Both segments grew at similar rates. Healthcare & Water Technologies sales rose 5% to $856 million. Diversified Industrials sales rose 3% to $963 million, and its margin widened by 70 basis points (a basis point is one hundredth of a percentage point) to 22.1%.

Trend & Ticker company data from SEC filings shows $6.99 billion of revenue over the past four quarters. Free cash flow (cash from operations minus capital spending) was $702 million. Debt stood at $3.13 billion against $1.74 billion of cash.

Against the $17.88 billion market value MarketBeat reported, that free cash flow equals a 3.9% yield, as calculated by Trend & Ticker. Not every broker shares the caution. Investing.com said BMO Capital reiterated an outperform rating with a $186 target.

DuPont reports third-quarter results at 6:00 a.m. ET on November 3, with a call at 8:00 a.m. ET. Its second-half guide calls for $3.66 billion to $3.69 billion of sales, and that report is the first test of whether slower restocking has dented it.