Mondelez price target raised to $80 from $79 at Citi

Citi raised the firm’s price target on Mondelez to $80 from $79 and keeps a Buy rating on the shares. The firm models Mondelez’s Q3 organic sales growth and earnings above consensus, but thinks forward commentary, especially for earnings over the next couple of quarters, could be slightly cautious, mainly because cocoa inflation should step up meaningfully starting in Q4. This could limit share upside on what could be a favorable print, the analyst tells investors in a research note.