Shares of Corteva, Inc. (CTVA) are soaring 5.03% in intraday trading on Thursday, following the company's impressive first-quarter earnings report that surpassed analyst expectations. The seed and pesticide maker's strong performance, coupled with positive analyst reactions, has fueled investor optimism.

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 19 analysts. This result also represents a substantial improvement from the $0.89 per share reported in the same quarter last year. Despite a slight 1.7% year-over-year decline in revenue to $4.42 billion, which fell short of the $4.54 billion analysts had anticipated, the company's bottom-line performance has clearly impressed the market.

The positive earnings surprise has prompted several analysts to revise their outlook on Corteva. UBS raised its price target to $76 from $74, maintaining a Buy rating, while Mizuho increased its target to $72 from $71. The average analyst rating for Corteva remains "buy," with a median 12-month price target of $71.00. Additionally, CEO Chuck Magro addressed concerns about tariffs during a call with analysts, stating that the expected $50 million impact is manageable and that the company is working on further mitigation strategies. This reassurance, combined with the strong quarterly results, has bolstered investor confidence in Corteva's ability to navigate challenges and maintain its growth trajectory.