UPDATE: Stifel Nicolaus Initiates Mondelez International at Buy on Growth Potential

Stifel Nicolaus initiated coverage on Mondelez Internationa

with a Buy rating and a $31 price target. Stifel Nicolaus noted, "We are initiating coverage of Mondelez with a Buy rating and a $31 target price reflecting our outlook for strong growth prospects related to its advantaged categories, its large developing market exposure, and the potential margin upside courtesy of improved efficiency and increased scale. … We expect this company to set the pace in the food industry given our confidence in its growth algorithm consisting of 5%-7% revenue growth, high single-digit operating profit growth, and double-digit EPS growth model (not including the use of cash)." Mondelez International closed at $27.85 on Monday.