Corteva downgraded to Neutral from Overweight at JPMorgan

JPMorgan downgraded Corteva to Neutral from Overweight with a price target of $57, down from $58. The analyst says 2024 is likely to begin slowly for Corteva as crop chemical de-stocking continues in South America and Europe. Raw material costs in crop chemicals have been decreasing and customers have not been in a hurry to purchase product, feeling that product could be purchased later in the year for less, the analyst tells investors in a research note. The firm believes the company’s guidance could be “neutral, cautious or negative.”