Berenberg downgraded Mondelez (MDLZ) to Hold from Buy with a price target of $70, down from $81. The firm expects cocoa prices to decline in 2026 relative to 2025, but not to the level reflected in existing forward curve estimates. Consensus earnings estimates for Mondelez appear to not fully account for weaker European demand in the second half of 2025, which will result in consensus downgrades, the analyst tells investors in a research note.
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