Corteva price target lowered to $57 from $71 at Loop Capital

Loop Capital lowered the firm’s price target on Corteva to $57 from $71 and keeps a Hold rating on the shares. The company guided down modestly for 2023, but provided a constructive narrative regarding prospects into 2024 and looking forward, including confidence in its ability to achieve previously conveyed 2025 financial targets, the analyst tells investors in a research note. The firm says pressure on Corteva shares may reflect some concern that competitive dynamics are more structural than transient, and perhaps an absence of confidence about the seed segment’s prospective pricing realization for 2024.