Fly News Breaks for January 23, 2020
Jan 23, 2020 | 07:53 EDT
Loop Capital analyst Chris Kapsch downgraded Corteva to Sell from Hold with a price target of $23, down from $25. The analyst notes that based on the fundamentals for the company and the Ag end-market generally, it is difficult to be constructive on the stock, stating that the possibility of a trade truce with China appears to be already factored into the Ag commodity prices. Kapsch adds that if commodity prices "drift or move sharply higher", the U.S. seed suppliers will likely see adverse pricing pressure in the coming growing season, and that pressure will be especially acute for soybeans. The analyst contends that Corteva shares could become "susceptible to some multiple compression".
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