Mondelez International attracts bull rating from Wells Fargo
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Wells Fargo initiated coverage on Mondelez International (NASDAQ:MDLZ) on Tuesday with an Overweight rating in a call that separated it from the food stock pack.
Analyst Chris Carey and team think MDLZ can hit its growth algorithm in 2023, even once pricing tailwinds ease, which is not something the firm can say for the food sector as a whole.
"Superior fundamentals as fundamentals for all Food peers normalize + relative underperformance â creates potential for relative multiple expansion (or less compression) vs peers."
In addition, the food company is expected to have some FX relief potential to give it a macro lift to EPS that also sets it apart from food sector peers.
Wells Fargo assigned a price target of $75 to Mondelez (MDLZ).
Shares of MDLZ were down 0.55% to $66.30 in premarket trading on Tuesday
Read why Seeking Alpha author The Value Investor is cautious on MDLZ.