Fly News Breaks for January 31, 2020
Jan 31, 2020 | 06:24 EDT
JPMorgan analyst Jeffrey Zekauskas upgraded Corteva to Neutral from Underweight with a price target of $29, up from $26. The analyst says Corteva ended 2019 with a "far stronger" balance sheet than he had envisioned because of "excellent" cash generation in Q4. This improved the company's enterprise value to EBITDA valuation multiple by a half point, Zekauskas tells investors in a research note. The current price of Corteva of $29 now reflects an 11.5 times multiple based on the revised enterprise value for 2020, says the analyst. He views the valuation as fair at current levels.
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