Piper Sandler lowered the firm’s price target on Mondelez (MDLZ) to $62 from $63 and keeps a Neutral rating on the shares. The firm says it is updating its models and price targets for recently announced GLP-1 news, higher ABV headwinds, as well as tariff relief and other company specific updates. President Trump recently announced deals with Eli Lilly (LLY) and Novo Nordisk (NVO) to cut GLP-1 drug prices for Medicare and Medicaid beneficiaries in 2026 and offer the treatments directly to consumers at a discount on TrumpRX. Faster user uptake growth in the US appears directionally clear, and Piper now estimates about 20% of the U.S. population could be users by 2028.
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