Opinions
Joe Terranova
Corteva Inc.
CTVA-N
DON'T BUY
Jun 28, 2023
$56.940
Stock price when the opinion was issued
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It is probably the only crop protection and seeds business that is publicly traded. We need more productive seeds and chemicals in the agricultural business. There is a very low supplies to use ratio. The tight global grain market is due to the Ukraine/Russia conflict so Cortiva is important to the solution of the problem.
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BUY ON WEAKNESS
They make seeds and pesticides for agriculture, a sector which boomed this year. Corteva sales jumped this year, but will continue in years ahead. This isn't a fertilizer play (which is a trade, not investment). Farmers are and will buy Corteva's genetically modified seeds for the long-term. Despite its good run, CTVA still trades under 19x forward earnings.
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Is expensive vs. Deere and revenue growth is only 6% over the last three years. The biotech story in agriculture has to be a catalyst to get him excited and that's a stretch.