Citi raised the firm’s price target on Mondelez (MDLZ) to $75 from $63 and keeps a Buy rating on the shares. The firm updated its Mondelez model to reflect current cocoa futures, which are trending lower for 2026 and beyond; foreign exchange, which is less of a headwind; the company’s comments during the quarter; and current takeaway trends, namely that Mondelez’s U.S. share trends are improving overall. The net effect is to increase both 2025 and 2026 estimates but lower Q1 estimates, the analyst tells investors in a research note. The firm sees potential earnings upside in 2025, but more so look for pricing actions, lower cocoa costs, and a return to volume growth to drive outsized earnings growth in 2026.
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