UPDATE: Jefferies Reiterates Hold Rating, Raises PT on Mondelez International Following Solid 2Q13 Results

In a report published Thursday, Jefferies analyst Thilo Wrede reiterated a Hold rating on

, and raised the price target from $31.00 to $33.00. In the report, Jefferies noted, “MDLZ's 2Q13 results were ahead of expectations due to strong below the line performance. An effective tax rate of 2.1% and interest expense 16% below last quarter were the main drivers for the beat. According to mgmt, some key mkts are slowing however this is offset by faster than previously anticipated share growth. As capacity issues are abating and margin growth accelerating, the company maintained its FX neutral EPS growth target.” Mondelez International closed on Wednesday at $31.26.