RBC Capital analyst Arun Viswanathan lowered the firm’s price target on Corteva (CTVA) to $66 from $73 and keeps an Outperform rating on the shares. The analyst cites the recent negative pre-announcement from FMC Corp.(FMC), reducing the firm’s FY23 EPS view by 9c to $2.82 and its FY24 view by 22c to $3.40 to reflect “continued destocking”. Corteva’s strong product offerings and technology could help drive pricing power to partially offset the impact of FX headwinds however, the firm tells investors in a research note.
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