Piper Sandler raised the firm’s price target on Mondelez (MDLZ) to $59 from $56 and keeps a Neutral rating on the shares. EU pricing is still being finalized but appears to be much more robust than the firm had been modeling, Piper says. The firm now models for this and softer EU volumes, though elasticities so far have not been worrying. Piper also updates for U.S. retailer inventory destocking. Mondelez’s Mexican imports are currently exempt under USMCA compliance, but the company is materially exposed if this changes – more so than we had previously estimated, the firm adds.
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