Corteva named short-term buy idea at Deutsche Bank

Deutsche Bank analyst David Begleiter placed a “Catalyst Call: Buy” on shares of Corteva as a short-term investment idea. Corteva shares are down 16% year-to-date, primarily due to concerns over industry-wide destocking in crop protection chemicals and, to a lesser degree, lower commodity prices, the analyst tells investors in a research note. The firm believes the company’s Q3 release on November 8 will serve as a catalyst for the shares. The report will largely mark an end to a challenging 2023 and shift investor focus to a better 2024, underpinned by the end of destocking in crop protection and continued growth in seed, says Deutsche Bank. It keeps a Buy rating on the shares with a $68 price target.