Citi starts Corteva with Buy, opens ‘positive catalyst watch’

Citi initiated coverage of Corteva (CTVA) with a Buy rating and $68 price target The analyst also opened a “30-day positive catalyst watch” on the shares. The last two years have seen challenges in the agriculture industry with global stocks-to-use moving up and continued downward pressure on grain prices, but Corteva has maintained solid performance in its seeds business, the analyst tells investors in a research note. The firm says that even in a challenging ag macro, Corteva has a “solid glidepath to meaningful EBITDA expansion” in 2025 and beyond. Citi initiated a 30-day positive catalyst watch ahead of the Q3 earnings and November investor day, as it expects guidance on cost deflation and productivity to be “meaningful tailwinds.”