Mondelez price target lowered to $68 from $71 at Morgan Stanley

Morgan Stanley analyst Megan Alexander Clapp lowered the firm’s price target on Mondelez (MDLZ) to $68 from $71 and keeps an Overweight rating on the shares following what the firm calls “a low-quality” Q3 EPS beat. The firm acknowledges “fair pushbacks” on weak year-to-date volume performance, but views this as largely reflected in the stock and expects sequential improvement in volume and mix alongside stable to improving cocoa fundamentals, the analyst tells investors.