Mondelez price target raised to $86 from $79 at Jefferies

Jefferies raised the firm’s price target on Mondelez to $86 from $79 and keeps a Buy rating on the shares. Given snacking’s lower exposure to private label, better elasticity potential and increased snacking occasions, snacking category exposure offers lower sales volatility risk relative to broader U.S. food, the analyst contends. The firm’s proprietary survey work also reveals consumers’ preference for sweet/salty snacks and a lower intent to buy private label or on-sale snacks relative to non-snack food, added Jefferies as it raised targets on several snack-levered food makers.