Corteva price target raised to $65 from $57 at Argus

Argus raised the firm’s price target on Corteva to $65 from $57 and keeps a Buy rating on the shares. The analyst cites the company’s better than expected Q4 results and 2024 guidance while noting that the decline in earnings vs. last year reflected lower volume in the Crop Protection segment due to the company’s recent exit from certain low-margin product categories, ongoing industry destocking, and delayed producer purchases. Argus adds that it expects long-term demand to remain strong, looking for Corteva to benefit from its global scale, broad product range, and new product pipeline.