Corteva upgraded to Buy at BofA amid ‘flurry’ of tailwinds

As previously reported, BofA analyst Steve Byrne upgraded Corteva to Buy from Neutral with a price target of $67, up from $59, citing a “flurry” of recent tailwinds that position the company for success in 2025 and beyond. The firm’s recent Ag Retailer Survey pointed to better-than-expected corn seed pricing in 2025 and also highlighted expectations for continued market share gains for Enlist with another four percentage point upside if branded dicamba labels are not renewed, notes the analyst, who calls this “a likely scenario we heard repeatedly on our Cornbelt trip.” The firm also cites more clarity on 2025 royalties and $400M-plus in deflated costs, while longer-term it is “encouraged” about Corteva’s use of gene editing, with its first corn product with fungal disease resistant traits receiving USDA approval as a non-GMO.