11:24 AM EDT, 10/29/2025 (MT Newswires) -- Mondelez International's ( MDLZ ) updated fiscal 2025 organic net revenue growth of about 4%, compared to 5% prior, still implies a sequential acceleration in Q4, Morgan Stanley said in a Wednesday research note.

The Q4 acceleration is expected to be led by Europe, where the company sees a strong seasonal uplift from Christmas. Emerging markets should improve also sequentially with Argentina stabilizing after recent political volatility, while North America is expected to benefit from incremental pricing tailwinds, Morgan Stanley said.

With Mondelez's ( MDLZ ) management reiterating confidence in high-single digit EPS growth for fiscal 2026, Morgan Stanley said cocoa is expected to be deflationary into 2026, with existing hedges providing cost coverage through H1 and flexibility to capture additional benefit if cocoa spot prices decline further.

Morgan Stanley maintained its overweight rating on the stock and adjusted its price target to $68 from $71.

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