Mondelez price target lowered to $72 from $74 at Wells Fargo

Wells Fargo lowered the firm’s price target on Mondelez (MDLZ) to $72 from $74 and keeps an Overweight rating on the shares. The firm notes Q3 organic sales were better than they thought. To Wells, this combination is interesting as it means top line is not spiraling and input costs weighed on Q3 but cocoa curves are favorable and get better in 2026. The firm still thinks the Street needs to digest how this model more realistically looks into 2026.