Mondelez International attracts bullish view from CFRA ahead of earnings
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CFRA slotted Mondelez International (NASDAQ:MDLZ) with a Buy rating on its view that 2023 could be another above-algorithm year for the packaged food giant. The expectation is for MDLZ to see strong pricing, modest volume growth, revenue and cost synergies, and potentially moderating input costs and FX headwinds.
The firm has a 12-month target of $70, which works out 21.5x the 2023 EPS estimate of $3.25 and in line with MDLZâs long-term average forward P/E. MDLZâs closest peer group is noted to traded at about 27X forward P/E on average.
The medium-term and long-term views on MDLZ are also positive.
Analyst Arun Sundaram: "With a growth strategy centered around growing core categories, channel expansion, driving high-growth segments, and expanding in adjacent categories, we believe MDLZ can consistently achieve 3%+ organic sales growth and high-single digit EPS growth in constant currency, which would be above most packaged food peers."
Mondelez International (MDLZ) is scheduled to report earnings on January 31. The food company has topped revenue and EPS estimates in nine of the last ten quarters.