Nantucket Day 2 Recap

研报英文原文证据摘录

Nantucket Day 2 Recap

USA | Food EquityJuneResearch17, 2026

Today we heard from MDLZ, MZTI, FLO, BGS, HSY, and VITL. MDLZ and

HSY noted a more favorable cocoa backdrop supporting margin recovery and

reinvestment behind innovation. BGS and MZTI emphasized disciplined M&A

and portfolio reshaping, highlighting Bachan's and College Inn / Kitchen Basics.

FLO's Nature's Own relaunch aims to stabilize core loaf while innovating in small

loaf / premium for growth. VITL continued to flag price gaps as a key focus.

Mondelez International (MDLZ), BUY, PT $70. Mgmt sounded constructive on the cocoa setup

with a meaningful portion of '27 already hedged, and they continue to expect a surplus despite

some speculative noise in the market. In Europe, mgmt pointed to improving share trends in the

UK, Germany, and France on the back of sharper price points and stronger activations, while the

Nordics remain a work in progress, though they also noted they'll be lapping last year's hot weather

that caused some chocolate to melt partially in Q2 but more meaningfully in Q3. US trends are

showing early signs of traction, with better marketing support, a tighter promo strategy resonating

with consumers, and Ritz picking up share through minis, while gross margins should see a more

pronounced inflection in Q4 vs. Q3 as cocoa hedge timing flows through. Emerging Markets remain

a relative bright spot, led by India, though mgmt flagged Mexico candy and the Middle East as

ongoing watchouts.

The Marzetti Company (MZTI), HOLD, PT $125. On its recent acquisition of Bachan’s, mgmt

emphasized a light-touch integration that preserves the brand’s leadership and authenticity while

leveraging MZTI’s scale to unlock cost efficiencies and accelerate innovation over time. More