Mondelez up after Jefferies upgrades to 'buy', raises PT

Shares of Cadbury parent Mondelez International MDLZ.O up ~2% at $68.80 in early trading

Brokerage Jefferies raises rating to "buy" from "hold", hikes PT to $78 from $66

While U.S. retail sales data suggests a still pressured consumer, we believe Europe dynamics, strong execution, and an improving cocoa outlook position MDLZ well for profit upside in FY26 and beyond, Jefferies says

Adds, categories such as biscuits also accelerated in Europe, with volumes inflecting positive in February and continuing to build, pushing sales growth

Mondelez has been outperforming peers in terms of revenue growth management, driven by strengths in innovation, channel mix, pricing, promotion and price-pack architecture - strategically tailoring product sizes and prices to consumer needs - Scott Marks, analyst with Jefferies

Twenty of 29 brokerages rate the stock "buy" or "higher", 8 "hold" and one "strong sell"; their median PT is $73, as per estimates compiled by LSEG

Up to last close, MDLZ was up about 13% YTD