Citigroup cuts PT on Corteva following seeds unit spinoff

Corteva

08/10/2025 14:14

**Citigroup cuts price target on agrichemicals firm Corteva CTVA.N to $78 from $85; reiterates "outperform" rating

     ** The new price target represents a ~20% upside to the stock's last close

**Co said last week it will separate its seed and pesticide businesses into separate listed companies, as the agrichemicals firm seeks to sharpen its strategic focus

** CTVA will retain all legacy liabilities, including historical DuPont pension plan and PFAS obligations which Citigroup says has potentially impacted the value of "New Corteva"

** "While we can appreciate the long-term rationale and value drivers for the split, we acknowledge it will take some time to play out," - brokerage

** Citi adds "the stock could be in 'deal purgatory', and not fully reflect its fundamental value while investors debate/assess the merits of the transaction"

** 18 of 24 brokerages rate the stock "buy" or higher, 6 "hold";  median PT is $83- data compiled by LSEG

** Up to last close, stock up 15% YTD

 (Reporting by Dharna Bafna in Bengaluru)

 ((Dharna.bafna@thomsonreuters.com))