UPDATE: JPMorgan Upgrades Corteva Inc. (CTVA) to Overweight
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JPMorgan analyst Jeffrey Zekauskas upgraded Corteva Inc. (NYSE: CTVA) from Neutral to Overweight with a price target of $51.00 (from $32.00).
The analyst comments "We think that Corteva is likely to grow its EBITDA at roughly a 15% average annual rate over the coming two years. We believe that seed prices, as a base case, given high grain values, should rise meaningfully in 2022. We think that a combination of Corteva’s volume growth and cost reduction efforts should lead to good earnings growth in 2021: we think pricing efforts and continued cost reduction are likely to lead to good earnings expansion again in 2022. We do not believe that the likelihood of positive seed pricing for 2022 is yet part of the investment conversation on Corteva -- but we believe that it will be part of the conversation by the end of the third quarter of 2021. In addition, we think there is pressure being placed on Corteva's management to execute. An activist shareholder has nominated a slate of directors in a proxy action."
Shares of Corteva Inc. closed at $42.66 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Upgrades
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