JPMorgan analyst Jeffrey Zekauskas downgraded Corteva to Underweight from Neutral with a price target of $26, down from $27. The stock has moved up by about 9% over the past month as the U.S. completed the Phase 1 of its trade deal with China, Zekauskas tells investors in a research note. Increased purchases of U.S. soybeans by China should lead to sharply higher domestic soybean plantings in 2020, and higher soybean seed volumes for Corteva, adds the analyst. However, he thinks these developments are already reflected in consensus EBITDA estimates. Corteva now trades at about 12.5 times EBITDA, which Zekauskas regards as a "premium valuation."