03:34 PM EST, 01/30/2026 (MT Newswires) -- Mondelez International ( MDLZ ) appears broadly stable in Q4 with little sign of sequential improvement or deterioration despite ongoing macro pressures, while the fiscal 2026 setup appears more constructive, RBC Capital Markets said in a research note Friday.

The brokerage said US scanner data points to Q4 sales growth of about 0.7%, driven by stronger pricing that offset weaker volumes. Category trends were mixed, with improvement in crackers and non-chocolate candy balanced by slower growth in cookies and snack bars.

The investment firm noted that Mondelez ( MDLZ ) delivered roughly 8% pricing in chocolate in Q3 to offset cocoa inflation. While RBC remains cautious given a fragile consumer backdrop, it said falling cocoa prices should help ease some pressure over time.

Cocoa prices have continued to trend lower, with spot prices approaching $4,000 per metric ton, representing a meaningful year-over-year improvement for Q4. RBC does not expect a material near-term margin benefit but said the decline supports a more favorable setup for fiscal 2026.

The company is likely to guide to high-single-digit EPS growth in fiscal 2026 and should be able to manage emerging-market headwinds through its revenue growth management capabilities and global footprint, according to the note.

The firm expects Mondelez ( MDLZ ) to report Q4 net sales of about $10.28 billion and adjusted earnings of $0.70 per share, broadly in line with consensus.

RBC has an outperform rating on the company's stock with a $66 price target.

Shares of Mondelez ( MDLZ ) were up nearly 2% in recent trading.

Price: 58.41, Change: +1.10, Percent Change: +1.91