RBC Capital reiterated an Outperform rating and $51.00 price target on Mondelez International (NASDAQ: MDLZ) following the company's 3Q earnings results. MDLZ reported EPS of $0.42 relatively in-line with consensus' $0.41.

Analyst David Palmer commented, "Following 3Q EPS that was in line with our estimate ($0.42 vs. RBCe $0.42; cons. $0.41), we are increasing our 2016e and 2017e EPS slightly and maintaining our $51 price target. This earnings adjustment reflects better gross margin forecasts driven by increases in promotion efficiency and ongoing productivity."

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Shares of Mondelez International closed at $46.40 yesterday.