Piper Sandler lowered the firm’s price target on Mondelez (MDLZ) to $63 from $67 and keeps a Neutral rating on the shares. The firm expects cocoa to be deflationary in 2026, driving on-algo EPS growth in 2026. While it is positioned to take advantage of any potential further favorability in cocoa costs, it is also ready to reinvest much of those savings back, both into pricing and A&C spending. It also plans to re-invest in its U.S. supply chain to drive both cost savings and greater production flexibility on pack sizes. While the cocoa outlook is improving, it appears unlikely at the moment to drive significant EPS growth upside, Piper adds.
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