Mondelez International (MDLZ) PT Raised to $72 at Jefferies As Fundamentals Remain Best of Breed
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Jefferies analyst Rob Dickerson raised the price target on Mondelez International (NASDAQ: MDLZ) to $72.00 (from $71.00) after shares pulled back after management left its EPS guidance unchanged due to higher brand investments. That said, fundamental performance is still best-in-class and the 2021 EPS forecast, revised down <2%, sets a low bar.
The analyst reiterated the Buy rating, stating "Given global endmarket positioning, recent share gains, and model stability vs. food peers, we continue to view the company as best of breed." "Although Mondelez topped consensus sales/gross profit by ~4%, SG&A ramped, leaving little to drop to the bottom line. Combine that with ongoing brand investments to support topline growth and some incremental cost pressure vs. pricing timing in 2H, and we’re lowering our 2021 EPS forecast to $2.90 (from prior $2.95)."
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