JP Morgan hikes PT on Mondelez citing strong underlying business
** JP Morgan raises PT on Mondelez International MDLZ.O to $82 from $73
** New PT is a 10.5% premium to stock's last close
** Brokerage says "in an environment where many food companies have either missed top lines recently and/or may continue to, a strong organic top line by MDLZ likely will continue to stand out"
** Says Q3 will be strong following company's recent comments that July and August were "quite good" for Europe, while U.S. biscuit category volumes were improving
** Says big quarterly beat without forecast raise might be negative for stock because it could portend steep Q4 gross margin decline
** Notes MDLZ's tone on realized COGS (cost of goods) inflation next year is cautious since even if cocoa prices drop, it probably will remain very inflated on year-over-year basis
** 23 of 26 brokerages rate stock "buy" or higher, three "hold"; their median PT is $80
** As of last close, stock up ~2.4% YTD
Reporting by Savyata Mishra in Bengaluru
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