Goldman Sachs analyst Adam Samuelson has maintained their neutral stance on CTVA stock, giving a Hold rating on May 2.
Adam Samuelson has given his Hold rating due to a combination of factors affecting Corteva’s business dynamics. The resilience in the Seed segment, indicated by its pricing and margin strength, is counterbalancing the ongoing issues within the Crop Protection division, which include destocking and increased pricing pressure. Samuelson underscores the company’s unchanged outlook for 2024, while also noting the importance of cost savings and productivity improvements as key factors for the company’s future performance.
Moreover, Samuelson’s assessment contemplates the potential impact of a recovery in global Crop Protection markets and the interplay of corn and soybean pricing on Corteva’s cost structure in the Seed segment. The stock’s valuation at 11.8 times the estimated 2025 EV/EBITDA reflects a recent price increase, leading to the perception that the risk and reward are currently balanced. This nuanced view of Corteva’s prospects, including both positive and negative elements, supports the Hold rating and is reflected in the slightly raised 12-month target price of $61.
In another report released on May 2, Barclays also maintained a Hold rating on the stock with a $58.00 price target.
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Corteva (CTVA) Company Description:
Corteva, Inc. is an agricultural chemical and seed company. It develops and supplies advanced germplasm and traits that helps in maximizing yield for farms. It also supplies products that enhances enhance crop health and protectagainst weeds, insects and other pests, and diseases.
