RBC Capital analyst David Palmer reiterated an Outperform rating and lifted his price target on Mondelez International (NASDAQ: MDLZ) to $49.00 (from $43.00) following strong Q2 results.

"We believe Mondelez is transitioning into phase of better revenue trends and reinvestment, which could make Mondelez one of a few large cap branded companies to be driving profitable growth," Palmer said.

The firm is boosting 2015e and 2016e EPS estimates from $1.69 and $2.05 to $1.78 (+1% YOY; $1.72 cons.) and $2.06 (+16% YOY; $2.01 cons.) based on: 1) gross margin improvement, 2) the sale of its coffee business, and 3) ongoing 3-4% organic revenue growth.

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Shares of Mondelez International closed at $45.27 yesterday.