On July 29, Mondelez rose 3.1% in regular trading, trading at $65.92/share, with turnover of $77.83 million. The rally was driven by the company's Q2 earnings report released after the prior session's close, which significantly exceeded market expectations.
Mondelez reported Q2 adjusted earnings of $0.73 per diluted share, beating the analyst consensus estimate of $0.68 by 7.35%, unchanged from a year earlier. Revenue for the quarter ended June 30 came in at $9.36 billion, surpassing the $9.21 billion estimate and up from $8.98 billion a year ago. The company maintained its full-year guidance, expecting adjusted EPS growth in the range of flat to 5% on a constant currency basis. Following the results, BTIG raised its price target on Mondelez to $73 from $70 while maintaining a Buy rating. The stock carries an average analyst rating of overweight with a mean price target of $68.33.
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