Mondelez price target raised to $88 from $85 at Jefferies

Jefferies raised the firm’s price target on Mondelez to $88 from $85 and keeps a Buy rating on the shares. Mondelez posted Q4 sales in-line with expectations and an EPS beat, while guiding FY24 sales to the high end of its organic growth algorithm, the analyst tells investors. Mondelez still expects to post positive volumes in FY24, which is “a sign of strength” given cocoa inflation, further Europe disruption expectations, and U.S. consumer challenges facing many peers, the analyst added.