Mondelez price target raised to $84 from $74 at Piper Sandler

Piper Sandler raised the firm’s price target on Mondelez (MDLZ) to $84 from $74 and keeps an Overweight rating on the shares. The firm notes Mondelez reported better than expected Q3 EPS and reiterated 2024 guidance. It expects a margin hit in Q4 from cocoa cost pressure flowing through, but margins to sequentially improve through 2025, Piper adds.