Morgan Stanley earlier today reduced the firm’s 2024 EBITDA estimate for Corteva to $3.4B, the low end of the company’s guidance, citing corn acreage challenges in Brazil and Argentina as well as ongoing crop chemical headwinds. However, the company’s bridge to $4B in 2025 EBITDA “is still attractive despite softer corn/soy prices,” the analyst tells investors in a research note. Morgan Stanley expects Corteva’s share outperformance set to continue as self-help should drive EBITDA up mid-teens in 2025 despite a tough agriculture macro environment. The firm keeps an Overweight rating on the shares with a $65 price target.
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