Mondelez upgraded to Overweight from Equal Weight at Wells Fargo

Wells Fargo analyst Chris Carey upgraded Mondelez (MDLZ) to Overweight from Equal Weight with a price target of $78, up from $68. The firm says the upgrade is not on lower cocoa prices driving the company’s earnings higher. Rather, the firm sees the “intersection” of price execution, “ever-muted” inflation in 2026 and a low relative valuation creating the “optimal bull case” for Mondelez. The analyst sees prospects for two-times earnings versus peers for Mondelez despite the stock’s valuation discount.