Mondelez initiated with an Overweight at Wells Fargo

Wells Fargo analyst Chris Carey initiated coverage of Mondelez with an Overweight rating and $75 price target. Mondelez operates across the world with inherently better growth relative to its food peers, Carey tells investors in a research note. Consensus estimates look reasonable, and with any relief in the macro environment, its earnings "could kick higher," says the analyst. He likes the stock’s risk/reward, saying the shares are defensive and offer long-term growth.