Mondelez downgraded to Hold from Buy at Jefferies

Jefferies downgraded Mondelez (MDLZ) to Hold from Buy with a price target of $62, down from $75. The firm’s work on cocoa makes it more cautious on Mondelez than it was in 2024. It sees a higher likelihood of structural supply issues that limits Mondelez’s “safety stock” status and says shorter-duration buying needs will keep prices elevated for longer.