Mondelez initiated with a Buy at Redburn Atlantic

Redburn Atlantic initiated coverage of Mondelez (MDLZ) with a Buy rating and $82 price target The firm calls Mondelez its top pick of the confectionery companies. In Europe and North America, alongside strengthening the core chocolate and biscuits business, Mondelez has reshaped its portfolio towards faster-growing adjacent snack categories, the analyst tells investors in a research note. The firm says this more than mitigates the risks of slowing chocolate consumption in Europe and declining biscuits consumption in the U.S. Internationally, the company has established a best-in-class chocolate and biscuits distribution network, adds Redburn.