Mondelez price target raised to $73 from $70 at Mizuho

Mizuho analyst John Baumgartner raised the firm’s price target on Mondelez (MDLZ) to $73 from $70 and keeps an Outperform rating on the shares. The firm reduced food producer estimates coming out of the Consumer Analyst Group of New York conference. Commentary featured “near universal tempered assessments” for U.S. consumers, persistent softness in key developing markets like China, and growth moderation across Asia, Middle East, Africa, the analyst tells investors in a research note. Mizuho says multiple category verticals are also contending with retailer inventory de-stocking, which may result from fiscal year-end working capital management or a response to weak consumer takeaway.