Mondelez International (MDLZ) PT Lowered to $75 at TD Cowen

TD Cowen analyst Robert Moskow lowered the price target on Mondelez International (NASDAQ: MDLZ) to $75.00 (from $83.00) while maintaining a Buy rating.

The analyst said: "After taking a closer look at Mondelez's exposure to cocoa inflation and FX headwinds, we lower our 2024 EPS by 3c to $3.42 for incremental FX, and lower 2025 and 2026 to $3.26 and $3.59 vs consensus of $3.44 and $3.84. Our 2025 EPS forecast now assumes a -4.5% decline with -2.0% from core pressure and -2.5% from FX.

We lower our PT to $75/share to reflect a 21x P/E multiple against our 2026 EPS est of $3.59, in-line with its 5-year average. We continue to favor MDLZ's long-term positioning due to its strong brands and advantaged platform in developing markets (40% of sales)."

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