Mondelez International (MDLZ) PT Raised $1 to $68 at Jefferies Post Earnings

April 28, 2021 9:50 AM EDT
Get Alerts MDLZ Hot Sheet
Price: $63.38 -0.13%

Rating Summary:
    23 Buy, 3 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 22 | Down: 13 | New: 31
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Jefferies analyst Rob Dickerson raised the price target on Mondelez International (NASDAQ: MDLZ) to $68.00 (from $67.00) after organic sales growth topped expectations once again with a 3.8% y/y Q1 print (vs 0.9% consensus), leading to an approximate ~300-bp y/y acceleration on a 2YR stacked basis when compared to Q4. EM strength drove the beat not only on the top line, but also on operating profit, as AMEA and LatAM accounted for roughly 85% of the operating profit beat relative to consensus, which led to a company-high 17.9% operating margin in the quarter.

The analyst reiterated a Buy rating, stating "We’ve increased our 2021 EPS forecast by $0.10 and our 2022 and 2023 estimates by $0.05 each, driven by ongoing momentum in the business. Our ~1% bump in 2022 and 2023 takes our PT up by $1 to $68. We continue to view MDLZ as the leading large-cap defensive with accelerated growth potential in U. food".

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