Corteva Inc. (CTVA) PT Raised to $71 at Mizuho

Mizuho analyst John Roberts raised the price target on Corteva Inc. (NYSE: CTVA) to $71.00 (from $67.00) while maintaining a Outperform rating.

The analyst commented: 'Midpoint of guide is down $100M from prior outlook primarily on greater FX headwinds (was $150M and now $275M). Volume growth, higher price & lower cost roughly equally contribute to ‾$600M Y/Y to 2025 increase in EBITDA before FX. We don't believe the lower guide is a surprise given the recent strength of the US$.

CTVA reported 4Q24 EBITDA of $525M vs $556M/$522M MSUSAe/consensus (and vs guide of $499-599M), with an upside in crop protection (+$20M) offset by a shortfall in Seeds (-$57M) which are more sensitive to seasonal timing. Adjusted EPS was $0.32 vs 0.30/$0.31 MSUSAe/Bloomberg (and guide of $0.24-$0.37). We believe CTVA remains the best-positioned name in ag due to its more resilient Seed portfolio. Raising our PT to $71 (from $67) and maintain Outperform."

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