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Mondelez: Berenberg upgrades rating

( - Berenberg analysts on Monday upgraded their recommendation on the shares of US biscuit and confectionery giant Mondelez International from "hold" to "buy," raising their corresponding target price from 52 dollars to 61 dollars.

In comments about the food sector, the German broker explains that the performance of agri-food groups will depend on their organic growth over the medium term.

On this point, and despite the consequences of the coronavirus and the looming recession, the medium-term outlook for groups in the sector has actually improved, rather than deteriorated, Berenberg says.

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