Mondelez International (MDLZ) could face near-term pressure amid consumer headwinds in developed markets and ongoing challenges from elevated cocoa prices, RBC Capital Markets said.

While analysts have broadly trimmed their estimates for Mondelez's Q1 performance, RBC said in a Friday note that it remains concerned about potential further downside, noting that its channel checks continue to show weakness in the US packaged food and snacking categories. The firm also cited signs of retailer inventory de-stocking.

Results from packaged food peers reinforce RBC's view that Mondelez's North America segment will likely show some weakness relative to consensus expectations.

"Mondelez's stock has been strong on a relative basis lately in light of a pullback in cocoa prices, but what we expect to be challenged top-line results this quarter create some risk," according to the note.

Foreign exchange remains a wildcard that could complicate Mondelez's efforts to offset North American softness with continued strength in international markets, the firm added.

RBC has an outperform rating and a $69 price target on the stock.