Shares of Corteva, Inc. (CTVA) are soaring 5.03% in intraday trading, following the company's impressive first-quarter earnings report that surpassed analysts' expectations. The agricultural chemical and seed company demonstrated strong financial performance, prompting several analysts to raise their price targets.

Corteva reported adjusted earnings of $1.13 per share for the quarter ended March 31, significantly higher than the mean expectation of $0.88 per share from nineteen analysts. This result also marked a substantial improvement from the $0.89 per share reported in the same quarter last year. Despite a slight 1.7% decrease in revenue to $4.42 billion, which fell short of the $4.54 billion analysts expected, the company's profitability impressed investors.

The strong quarterly performance has prompted several analysts to revise their outlook on Corteva. UBS raised its price target on the stock to $76 from $74, maintaining a Buy rating. Mizuho also increased its target price to $72 from $71. These upgrades reflect growing confidence in Corteva's business model and future prospects. The current average analyst rating on Corteva shares is "buy," with a median 12-month price target of $71.00.

During an analyst call, Corteva CEO Chuck Magro addressed concerns about tariffs, stating that the company expects tariffs to cost about $50 million, which they consider manageable. Magro expressed confidence in mitigating this impact further, saying, "We feel very strong pathways to mitigate a lot more of this, but we need a little bit more time to finalize the action." This proactive approach to managing external challenges has likely contributed to investor confidence.