Zinger Key Points
- Goldman Sachs analyst initiates coverage on CTVA, FMC, and MOS with Buy ratings.
- CTVA benefits from strong R&D focus, FMC's growth potential in crop protection, and MOS favors phosphate supply-demand outlook.
- China’s new tariffs just reignited the same market patterns that led to triple- and quadruple-digit wins for Matt Maley. Get the next trade alert free.
Goldman Sachs analyst Duffy Fischer initiated coverage on several major U.S. agriculture input stocks, citing several factors.
The analyst writes that they believe the agricultural macro environment is still stabilizing after the peak caused by the Russia-Ukraine war.
Fischer says that while Spring 2025 looks better than expected (excluding FX) thanks to expected higher corn acreage and a short Fall application window, they anticipate a continued drift toward normalized levels later this year.
CTVA: The analyst initiated coverage on Corteva, Inc. CTVA with a Buy and price forecast of $71.
The analyst highlights the company’s strong seed and crop protection business, which is poised to benefit from significant cost tailwinds in 2025.
The analyst notes that the business is more focused on R&D compared to crop protection, which gives it substantial pricing power, enabling it to maintain strong pricing even during down-cycles.
FMC: Fischer initiated coverage on FMC Corporation FMC with a Buy rating and price forecast of $51.
The analyst notes that the company is the only pure-play crop protection firm in the group.
The post-patent strategy for Rynaxypyr holds promise, and its R&D pipeline is expected to yield dividend by 2027+, adds the analyst.
Additionally, the analyst notes the market is undervaluing the potential growth from new product launches in 2026/27 and beyond, as current consensus estimates are below FMC’s 2027 guidance targets.
MOS: The analyst started coverage on Mosaic Company MOS with a Buy rating and price forecast of $31.
The analyst writes that the major reason for favoring the stock is that phosphate has the most favorable supply-demand outlook heading into 2025, with limited capacity growth and rising demand from farmers and LFP EV batteries.
If the company can avoid production disruptions, it can improve capacity utilization, boosting margins during a period of strong phosphate stripping margins, adds the analyst.
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