** Mondelez International MDLZ.O expects subdued year ahead, as price increases turn away cost‑conscious shoppers who were already wary of rising living costs and macroeconomic uncertainty

** Shares of Cadbury-parent fall nearly 4.5% to $56.79 premarket

HOLD YOUR SNACKS, BETTER TIMES AHEAD

** Morgan Stanley ("overweight," PT: $66) says MDLZ has intentionally built in prudent level of conservatism across regional outlooks, most notably in Europe, where unusually dynamic competitive and pricing conditions warrant cautious approach

** D.A. Davidson ("neutral," PT: $62) sees path toward nearly fully restored earnings power by FY27 as cocoa prices and tariffs ease; however, shape of FY26 outlook will likely imply second-half weighting, which, at current levels, makes wait-and-see approach prudent

** Jefferies ("buy," PT: $70) says while volume pressures will persist in 2026 and first‑half profits will be hit by inventory‑cost phasing, with visibility improving in back half as costs reset and material cost favorability emerging in 2027

** Morningstar (fair value: $73) says following pronounced inflation‑induced pricing over past few years, it thinks MDLZ is poised to reignite investment in consumer‑valued innovation and marketing, while also expanding its reach in alternative channels

(Reporting by Akriti Shah in Bengaluru)

((akriti.shah@thomsonreuters.com))