Citigroup cuts PT on Corteva over spin-off uncertainties

Corteva

02/10/2025 14:23

** Brokerage Citigroup cuts price target on agrichemicals firm Corteva CTVA.N to $67 from $83, downgrades to "neutral" from "buy"

** New PT represents an upside of ~9% to stock's last close

** Brokerage says investors share concerns that separation could weaken CTVA's original intent of having a deep and broad offering to growers

** "We were encouraged by CEO Chuck Magro's comments on unlocking new growth and optimization opportunities as two standalone companies but ultimately believe this adds more questions to an already uncertain backdrop" - Citigroup

** 19 of 24 brokerages rate the stock "buy" or higher, 5 "hold"; their median PT is $84 - data compiled by LSEG

** Up to last close, stock up ~8% YTD

 (Reporting by Pranav Mathur in Bengaluru)

 ((Pranav.Mathur@thomsonreuters.com;))