BUZZ-Deutsche Bank downgrades Mondelez International to 'hold'

Reuters12-12
BUZZ-Deutsche Bank downgrades Mondelez International to 'hold'

** Brokerage Deutsche Bank downgrades Cadbury-parent Mondelez International MDLZ.O to "hold" from "buy"

** Says recent "run-up" in cocoa - referencing its rising prices, a now stronger dollar, along with lingering questions on capital allocation led to the "cautious position" and downgrade

** Says the rating cut is despite $9 bln share buyback program announced on Wednesday and report on Monday that co was bidding for Hershey HSY.N

** Brokerage also slashes MDLZ's PT to $67 from $78

** 23 of 27 brokerages rate the stock "buy" or higher, and four "hold"; with a median PT of $79 - LSEG

** Up to Wednesday's close, stock has fallen ~13% YTD

(Reporting by Neil J Kanatt in Bengaluru)

((Neil.JKanatt@thomsonreuters.com;))

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