Mondelez price target raised to $81 from $80 at Piper Sandler

Piper Sandler analyst Michael Lavery raised the firm’s price target on Mondelez to $81 from $80 and keeps an Overweight rating on the shares. The firm notes Mondelez beat its Q4 estimates and gave high single-digit 2024 EPS growth guidance and organic revenue growth guidance at the high end of its +3%-5% algorithm range. Its top-line guidance likely proves conservative, with upside to volumes if EU pricing negotiations go well and result in minimal disruptions. Piper believes its strong commitment to investing in its brands continues to give it some of the best brand equity in consumer staples, driving pricing power and share gains.