Mondelez price target raised to $71 from $69 at RBC Capital

RBC Capital raised the firm’s price target on Mondelez (MDLZ) to $71 from $69 and keeps an Outperform rating on the shares. The company reported Q1 results that were hampered by ongoing cocoa cost pressures and varying levels of consumer pressure by region, but that said, strong pricing execution more than offset a volume/mix decline that resulted from elasticity and some one-time factors, yielding 3.1% organic revenue growth, the analyst tells investors in a research note.