Morgan Stanley Sees Challenging Backdrop for Mondelez International, but Margin Acceleration is on Track
In a report published Thursday, Morgan Stanley analyst Matthew Grainger reiterated an Overweight rating and $37.00 price target on Mondelez International (NASDAQ: MDLZ).
In the report, Morgan Stanley noted, “4Q13 was generally in-line, with solid margins and EPS of $0.42 below MSe $0.45 on a higher tax rate. 2014 sales growth is now seen at/above category levels (~4%), with margin expansion and buybacks driving 12-16% constant-FX EPS growth. Our 2014e EPS moves from $1.71 to $1.69 given adverse F/X.”
Mondelez International closed on Wednesday at $33.21.
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