Jefferies raises Corteva PT on increasing global acreage

Jefferies raises price target on U.S.-based agrichemicals company Corteva CTVA.N to $92 from $80; maintains "buy" rating

New PT is 27.5% upside to stock's last close

Brokerage says Corteva's leverage to increasing global acreage is a contrast to the concerns petrochemicals face over competitor supply additions

It expects Corteva's competitive gap with Bayer will likely narrow this cycle, as Genetically Modified Organisms (GMO) monopoly positions are harder to secure

Brokerage notes that CTVA benefits from rising fertilizer prices and the end of destocking in crop chemicals

18 out 25 brokerages rate the stock "buy" or higher, 7 "hold"; median PT is $72.55 - data compiled by LSEG

As of last close, CTVA up 25% YTD