Mondelez initiated with a Buy at BTIG

BTIG analyst Rob Dickerson initiated coverage of Mondelez (MDLZ) with a Buy rating and $70 price target The shares at current levels are “overly discounted” given the company’s long-term emerging market growth benefits, margin expansion from cost deflation, and “hopeful” U.S. biscuit stabilization, the analyst tells investors in a research note. BTIG believes Mondelez’s out-year cash flow upside can bring additional acquisitions.