Morgan Stanley analyst Vincent Andrews initiated "new" DuPont (DD) with an Overweight rating and $78 price target, stating that he sees value either if the stock is re-rated over time as a true multi-industry company, like 3M (MMM), or if the company were to pursue a separation of its four segments. While Andrews believes investors would prefer the latter, he thinks that nothing structural or strategic is likely to be announced before September 1, which would be the two-year anniversary of the DowDuPont merger, for tax reasons. He also acknowledges that a PFAS liability overhang may exist and, if one does, it could continue for some time.