UPDATE: Stifel Downgrades Mondelez International on One Too Many Bumps in the Road

In a report published Thursday, Stifel analyst Christopher Growe downgraded the rating on

from Buy to Hold, and removed the $34.00 price target. In the report, Stifel noted, “We are reducing our rating to Hold from Buy reflecting the softer growth we estimate over the next year coupled with the premium valuation for the shares. Based on the current stock price (likely to be down on the open today), Mondelez is trading at a nearly 20% premium to its large-cap food peers due in part to its growth potential, but also the activist pressure on the shares which likely provides a floor for the shares in the $32-$33 range. We are removing the shares from the Stifel Select List.” Mondelez International closed on Wednesday at $33.44.