Corteva price target lowered to $52 from $55 at BofA

BofA lowered the firm’s price target on Corteva to $52 from $55 and keeps a Neutral rating on the shares. Despite Q3 results in line with the recent detailed pre-announcement, Corteva shares were down 8.5% yesterday, notes the analyst, who attributes the slide as likely due to concerns about the 4% drop in crop protection pricing, with declines in both LatAm and North America, along with commentary about aggressively priced generic crop chemicals in Brazil. Given increased risks in both the crop chemicals and seed businesses, along with litigation risks, the firm has lowered its 2024 EBITDA multiple, the analyst tells investors.