Mondelez downgraded to Sector Perform from Outperform at RBC Capital

RBC Capital analyst Nik Modi downgraded Mondelez to Sector Perform from Outperform with an unchanged price target of $69. The analyst believes Mondelez is “very well positioned given its market share momentum and category footprint.” However, as the global macro environment weakens, it is hard to justify further upside to earnings estimates, which is what would be required given the stock is near RBC’s price target. Modi tells investors in a research note. The analyst sees Mondelez’s valuation as “near-full,” creating “limited room for share price upside.”