Mondelez price target raised to $71 from $57 at TD Cowen

TD Cowen raised the firm’s price target on Mondelez (MDLZ) to $71 from $57 and keeps a Buy rating on the shares. The firm increased the company’s 2026 earnings estimates to reflect this year’s 19% pullback in cocoa spot prices and the futures curve shifting down 12%. While the cocoa markets are volatile and difficult to predict, the pullback will improve Mondelez and Hershey’s hedging positioning, the analyst tells investors in a research note. TD sees further upside to its 2026 and 2027 estimates if cocoa costs continue to normalize.