Mondelez International (MDLZ US): Buy: 2Q strengthens confidence in 2027 recovery

研报英文原文证据摘录

Mondelez International (MDLZ US): Buy: 2Q strengthens confidence in 2027 recovery

suggest this approach is beginning to gain traction, helping

protect brand equity and support market share through the commodity cycle. 07/25 01/26 07/2648.00

Target price: 72.00 High: 69.71 Low: 51.51 Current: 62.48

Looking ahead, management raised FY26 organic sales guidance to at least 2%

while maintaining adjusted EPS guidance at flat to +5%, reflecting continued Source: LSEG IBES, HSBC estimates

reinvestment and ongoing input-cost pressure. More importantly, management

Diego Serrano*

reiterated confidence in materially stronger EPS growth in 2027, supported by an Analyst, Consumer Staples

easing of cocoa headwinds, accelerating productivity initiatives and a more visible HSBC Mexico, S.A., Institucion de Banca Multiple, Grupo

Financiero HSBC

payback from investments. We believe the improving backdrop in developed diego.serrano@hsbc.com.mx

markets—particularly in North America—adds confidence that the recovery is on +52 55 8551 3361

track, while expanded distribution and execution in Emerging Markets should provide Jeremy Fialko*, CFA

Senior Global Consumer Staples Analyst

an additional avenue for growth. HSBC Bank Middle East Limited, DIFC

jeremy.fialko@hsbc.com

Increase target price to USD72 (from USD71) and maintain Buy rating: Our +971 4 509 3366

target price of USD71.00 implies c15% upside from current levels. We maintain our

Buy rating on the stock given its best-in-class execution, high resilience in key * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

categories, strong brand equity, and sustainable pricing power (offsetting private

label penetration).