Corteva price target raised to $92 from $80 at Jefferies

Jefferies raised the firm’s price target on Corteva (CTVA) to $92 from $80 and keeps a Buy rating on the shares. Corteva’s multiple expansion can continue, argues the analyst, who says the rally in fertilizer prices coinciding with the end of destocking in crop chemicals stands in “sharp contrast” to the second half demand risks for industrial-sensitive chemicals and that Corteva’s leverage to increasing global acreage is a contrast to the concerns petrochemicals face over competitor supply additions. The case for the stock rising to greater than $100 near-term, and performance longer-term, hinges on a mix of policy, technology and company initiatives lifting margins and free cash flow conversion, the analyst added.