In a new report on Friday, Goldman Sachs analyst Jason English had plenty of good things to say about global food giant Mondelez International Inc MDLZ 0.24%. So why did Goldman decide to downgrade the stock from Buy to Neutral? Here’s what English had to say.

Cost-Cutting

Despite headwinds from forex, near-term divestiture dilution and organic sales challenges, English praises Mondelez for the effectiveness of its recent cost-cutting initiatives. Management now has the company running lean, and Goldman believes that Mondelez’s ambitious goal of 15-16 percent EBIT margins is now within reach.

Strong Growth Trajectory

English believes…

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