Piper Sandler lowered the firm’s price target on Mondelez (MDLZ) to $70 from $84 and keeps an Overweight rating on the shares. The firm updated its model for currency headwinds and to reflect further incremental cocoa cost pressures. Cocoa cost visibility is more limited further out in time, but recent further spikes in futures costs now drive Piper’s 2026 estimates lower. Cocoa futures continue to rise, though Mondelez is likely covered for cocoa for all of 2025 and is now likely starting to secure futures for its 2026 needs, says the firm.
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