Citi analyst Thomas Palmer lowered the firm’s price target on Mondelez (MDLZ) to $71 from $78 and keeps a Buy rating on the shares. The firm reduced estimates for Hershey and Mondelez, mainly to reflect mounting cocoa inflation. The cocoa futures curve has moved sharply higher over the past couple of months, the analyst tells investors in a research note. Citi believes cocoa hedges often extend nine months out or more, so the recent run up in cocoa could weigh on second half of 2025 earnings more than the first half.
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