Corteva Inc

CTVA: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$95.00	Psqrt	Hybfgjkj

Corteva Earnings: Inventory Destocking Weighs on Near-Term Profits

Seth Goldstein

Oct 27, 2023

Corteva reported high-level third-quarter results that were below the low end of guidance. Management also issued revised 2023 guidance with a lower outlook due to continued inventory destocking leading to lower sales volumes, particularly in Brazil, than the company had previously forecast. We have updated our model for a lower near-term outlook, and we have reduced our Corteva fair value estimate to $67 per share from $70. Our wide moat rating is unchanged.

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