Wolfe Research raised its price target on Corteva (NYSE:CTVA) to $89 from $86 while keeping an Outperform rating, pointing to the seeds-and-chemicals company's market share gains and stronger cost execution relative to peers.
The firm adjusted its earnings per share forecasts for Corteva to $3.70 for 2026 and $4.20 for 2027, up from prior estimates of $3.65 and $4.15. Wolfe said the revisions reflect expectations that pricing headwinds in crop protection chemicals will ease during the second half of the year.
Wolfe characterized Corteva as "best in class" within the agricultural chemicals space and suggested that recent investor profit-taking could reduce setup risk. The research note added that the rollout of new seed products should help sustain the company's ongoing market share gains.
For FMC (NYSE:FMC), Wolfe Research increased its EPS projections to $1.80 for 2026 and $2.40 for 2027, versus earlier forecasts of $1.75 and $2.35, while retaining a Peer Perform rating. The firm said the upward revision for FMC reflects an expectation of slightly less generic pricing competition in the second half as costs rise.
On the broader agricultural macro backdrop, Wolfe expressed measured optimism. The firm pointed to nascent biofuel mandates in the United States, Brazil and India as modest offsets to input inflation, while noting that crop protection chemical input costs appear to be rising more quickly for global competitors than for US-based companies.
Despite signs of stabilizing demand and the presence of supportive government programs, Wolfe flagged concerns about credit dynamics in Brazil for the second half of the year. The note suggested that these credit considerations represent a potential headwind even as other demand indicators firm.
Overall, the research firm walked a line between constructive company-specific drivers - market share gains, product introductions, and cost execution - and caution around regional credit conditions and input-cost inflation. The changes to forecasts and targets reflect this balance: selective upside at individual names alongside ongoing macro uncertainty.
Contextual note: The revisions cited by Wolfe focus on internal company performance and evolving industry pricing dynamics, without introducing new quantitative claims beyond the updated earnings and price-target figures.