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CTVA

Corteva

$27.14

-1.545 (-5.39%)

08:33
06/03/19
06/03
08:33
06/03/19
08:33

Corteva initiated with a Hold at SunTrust

SunTrust analyst James Sheehan initiated Corteva with a Hold rating and a price target of $29. The analyst says the company should generate strong growth thanks to its "dominant market position and product pipeline" relative to its peers, with cost synergies still expected to be driven by the merger of DuPont and Dow. Sheehan also warns that Corteva's near-term upside may be contained by the headwinds in the U.S. business and the escalating trade tensions, adding that its 9-times expected forward EBITDA valuation is "fair."

CTVA Corteva
$27.14

-1.545 (-5.39%)

06/03/19
GSCO
06/03/19
INITIATION
Target $29
GSCO
Neutral
Corteva initiated with a Neutral at Goldman Sachs
Goldman Sachs started Corteva with a Neutral rating and $29 price target.
06/03/19
DBAB
06/03/19
INITIATION
DBAB
Hold
Corteva initiated with a Hold at Deutsche Bank
06/03/19
BMOC
06/03/19
INITIATION
Target $37
BMOC
Outperform
Corteva initiated with an Outperform at BMO Capital
BMO Capital analyst Joel Jackson initiated Corteva (CTVA) with an Outperform rating and a price target of $37. The analyst notes that some investors may have been disappointed by the company's cost and earnings trajectory ahead of its spinoff by DowDuPont (DWDP), but sees it as a "scarce, high-quality ag chems pure play" offering attractive valuation upside of 11-times enterprise value to expected FY20 EBITDA multiple along with optionaliity in the near- and mid-term.
06/03/19
MSCO
06/03/19
INITIATION
Target $32
MSCO
Equal Weight
Corteva initiated with an Equal Weight at Morgan Stanley
Morgan Stanley analyst Vincent Andrews initiated Corteva with an Equal Weight rating and $32 price target, stating that he sees the risk-reward as balanced for the DowDuPont (DWDP) spinoff. The seeds and crop chemicals operating environment remains challenging, but the company has a number of offsets, including scarcity, cost synergies, improved competitive positioning and discipline on R&D and capital, according to Andrews.

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