RBC Capital analyst David Palmer lowered his price target on Mondelez to $51 ahead of its Q2 results next week, citing the adverse FX rate impact against the Euro and the Pound since April. Palmer adds that the quarter may be pressured by higher input costs and the reversal of last quarter's Easter timing benefits, but still expects "strong margin acceleration" in the second half of the year on positive comparison from last year because of the 2017 malware incident and better gross margins from lower cocoa prices. The analyst keeps his Outperform rating on Mondelez.