Mondelez International (MDLZ) is largely expected to reaffirm its fiscal 2026 guidance after Q2 earnings, RBC Capital Markets said in a Friday note. The Q2 results are due July 28.

"We are not overly bullish on the quarter/year given what remains a formidable risk stack," the note said. "We are roughly in-line with management's guided ranges despite consensus moving toward the upper bounds."

For Q2 considerations, the note pointed to slow cookies improvement, North America channel trends showing little changed, mixed international markets, and rising cocoa prices.

RBC analysts said they remain bullish on its long-term distribution opportunity, but noted some caution in the near-term, as consumer pressures are weighing on top-line.

RBC kept its outperform rating with a $63 price target.

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