Mondelez price target lowered to $67 from $71 at RBC Capital

RBC Capital analyst Nik Modi lowered the firm’s price target on Mondelez (MDLZ) to $67 from $71 and keeps an Outperform rating on the shares. The company reported a disappointing albeit not totally surprising Q3 given the negative read-throughs elsewhere in the consumer staples space, the analyst tells investors in a research note. It looked as though the management could still deliver on initial guidance despite slimmer margin for error following Q2, but the headwinds this quarter were evidently too great, the firm added.