Analyst Note| Seth Goldstein, CFA |
We raise our Corteva fair value estimate to $70 per share from $60 following the company's investor day. The key drivers behind our outlook are increased profitability in both the seed and crop protection businesses. We maintain our wide moat rating. At current prices, we view shares as slightly undervalued with the stock trading nearly 10% below our updated fair value estimate but in 3-star territory.