Not unlike the apparent love affair between Wall Street and Kraft (Nasdaq:KRFT), Mondelez (Nasdaq:MDLZ) gets quite a bit of love from the sell-side. Many analysts seem convinced that Mondelez can significantly boost its organic growth
over a relatively short time and likewise significantly upgrade
margins. While I think Mondelez is basically a good company, I worry
that the expectations bar is being set at a level where a failure to
perform is going to create a real backlash. Even if I use growth
expectations beyond the published estimates of the bulls, I can't really
get to a point where Mondelez looks cheap today.
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