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Fly News Breaks for November 1, 2019
CTVA
Nov 1, 2019 | 07:23 EDT
JPMorgan analyst Jeffrey Zekauskas downgraded Corteva to Neutral from Overweight with a price target of $27, down from $30. Domestic corn yields are coming in lower in 2019 than in 2018, and may further decrease, but yields have not been sufficiently low to either lift grain prices or seed prices, Zekauskas tells investors in a research note. Further, the analyst says that while Corteva has yet to publish its Q3 cash flow statement, he does not believe that company "has been strongly cash generative year to date."
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