Corteva price target lowered to $68 from $78 at Argus

Argus lowered the firm’s price target on Corteva to $68 from $78 but keeps a Buy rating on the shares. The analyst cites the company’s reduced 2023 sales and earnings guidance reflecting weakness in the Crop Protection segment as its management has noted that more customers were now purchasing crop protection products on a “just-in-time” basis rather than months in advance. The change in purchasing patterns will weigh on results in the near term, but the impact should be “temporary”, the firm tells investors in a research note, adding that Corteva should benefit from its global scale, broad product range, and new product pipeline.