UPDATE: Jefferies Downgrades Mondelez International to Hold Post Spin-Off

Jefferies reduced its rating on Mondelez International

from Buy to Hold and lowered its price target from $48 to $28. Jefferies said, "We are downgrading newly renamed Mondelez (formerly known as Kraft) to Hold on concerns about the near term growth outlook. Even though we believe that the company is well positioned to achieve its LT double-digit EPS growth target, we do not believe that the stock will outperform over the next 12 months. Instead, we see more value in Kraft Foods (KRFT). We are therefore downgrading MDLZ to Hold with a new – post-spin-off – PT of $28." Mondelez International closed at $26.51 on Monday.