Mondelez (MDLZ) - Get Report shares on Thursday set a 52-week high after the snacks-and-beverages maker was the subject of a couple of bullish analyst notes following its fourth-quarter earnings beat.
Analysts at Wells Fargo said the company’s fourth quarter was strong and praised its “better-than-feared” 2020 guidance. “No matter how you slice it, it’s all good,” wrote Wells Fargo analyst John Baumgartner.
Wells Fargo noted growth in emerging markets like Argentina, developed markets, global brands and local brands. The firm did say, however, that the coronavirus outbreak might pressure first-quarter revenue in China.
As a result, Wells Fargo cut its China-growth estimate for Mondelez to 3% from its previous view of 8%. The firm maintained its overweight rating on the stock with a Wall-Street-high $68 price target.
Meanwhile, RBC’s Nik Modi also praised the company’s solid quarter and guidance, saying that the forecast “should give investors confidence that momentum is sustainable.”
Modi reiterated that Mondelez is his top large-cap pick, with an outperform rating and $66 price target.
Mondelez shares at last check were up 7.3% at $58.53.
The East Hanover, N.J., company reported fourth-quarter net income of 50 cents a share, or an adjusted 61 cents. Revenue rose to $6.91 billion from $6.77 billion in the year-earlier period.
Analysts were expecting the company to report adjusted earnings of 60 cents a share on revenue of $6.84 billion.