Dan Loeb Cuts DowDuPont Target as ‘Value Gap’ Lingers Into Split

Activist investor Dan Loeb is trimming his expectations for DowDuPont Inc. just as the chemical giant prepares to break itself into three companies.

Last May, Loeb’s Third Point hedge fund said in a letter to investors that the pending split could propel DowDuPont to $92 a share, closing a “value gap” of almost 50 percent. Instead, the shares lost value, and a cooling global economy has tempered Loeb’s view. Third Point now sees $80 as a more realistic 12-month target on a sum-of-its-parts basis, according to a person familiar with matter. A representative for Third Point declined to comment.