UPDATE: Credit Suisse Reinstates Mondelez International (MDLZ) at Outperform, Well Positioned, Low Expectations
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Credit Suisse analyst Robert Moskow reinstates coverage on Mondelez International (NASDAQ: MDLZ) with a Outperform rating and a price target of $70.00 but cuts EPS 4c below consensus for an estimated $0.12 FX headwind.
The analyst stated "Management warned of incremental costs and market share losses in 1Q in North America from last year’s labor strike as the company works to refill inventory at customers’ warehouses. However, our tracking data indicate strong consumer takeaway in the quarter of +7%. We expect the company to achieve its normal HSD% EPS growth algorithm during the year (ex FX) with a strong back-half. We were encouraged to hear management guide for profit growth in 1Q despite the headwinds. Sales growth in Western Europe, China and Brazil remains resilient."
Shares of Mondelez International closed at $63.41 yesterday.
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