TD Cowen Raises Mondelez (MDLZ) Target While North America Volumes Remain Weak

Mondelez International, Inc. (NASDAQ:MDLZ) is included among the 15 Best Wide Moat Dividend Stocks to Invest in.

On February 4, TD Cowen lifted its price target on Mondelez International, Inc. (NASDAQ:MDLZ) to $65 from $62 and maintained a Buy rating. The firm noted that management’s early outlook for 2026 came in below consensus, with organic growth projected at 0%–2%. That range reflects the risk that competitors could cut chocolate prices before Mondelez does, along with ongoing volume weakness in North America.

A Reuters report published a day earlier painted a similar picture. Mondelez is bracing for a slower year as repeated price hikes begin to push budget-conscious shoppers away at a time when living costs remain elevated, and economic uncertainty is still top of mind. In the US, especially, consumers are pulling back, gravitating toward cheaper channels and buying fewer items after multiple rounds of increases meant to offset soaring cocoa costs.

Cocoa prices jumped roughly 160% in 2024 before easing more recently due to a global surplus. Even so, the company has already locked in cocoa supply for 2026 at prices above today’s market levels, limiting its flexibility to roll back pricing in the near term.

CEO Dirk Van de Put said US consumer confidence remains fragile, with shoppers trading down and higher-income customers shifting toward so-called better-for-you snacks, particularly protein-focused options. He added that Europe is still on shaky footing, although chocolate volumes there are expected to steady after last year’s round of price increases.

Looking ahead, Mondelez expects organic net revenue growth in 2026 to range from flat to 2%, below the 3.84% increase analysts had been forecasting. Adjusted profit growth is projected at 0%–5%, compared with expectations of about 8.3%, according to LSEG data.

Mondelez International, Inc. (NASDAQ:MDLZ) operates as a global snack maker, with its core business centered on chocolate, biscuits, and baked snack products.

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