RBC Capital analysts provided their views on Corteva, Inc. (NYSE:CTVA) ahead of the company’s Investor Day on September 13.
The analysts expect management to provide further details regarding the recent completion of its Strategic Review, new product pipelines and royalty reduction, H2 LATAM season and outlook for the full 2023-year given robust ag fundamentals, and an updated capital return strategy.
The analysts believe, Ag fundamentals should support continued growth despite recent commodity price volatility, driven by the Russia/Ukraine, FX headwinds, European energy cost and continued inflationary cost pressures.
Furthermore, the analysts believe the upcoming LATAM's growing season in H2 should be a positive tailwind for crop protection, partially offset by FX headwinds.
In addition, the analysts think the stock will be further supported by a robust capital return strategy (over $3 billion since 2019).