Corteva initiated with an Outperform at Wolfe Research

Wolfe Research analyst Chris Parkinson initiated coverage of Corteva with an Outperform rating and $67 price target as part of a broader research note on Chemicals, Agriculture and Packaging names. With North America destocking seemingly in the rearview, the investment story can begin to shift back to new product ramps and mix enrichment, the analyst tells investors in a research note. Spinosyns represents an incremental $300M or more opportunity at 30% margins, Wolfe added.