NEW YORK — Notwithstanding good growth in the large U.S. and European biscuit business of Mondelēz International, Credit Suisse is lowering its earnings forecast for the company. Robert Moskow, an analyst with Credit Suisse, cited Nielsen data indicating mid-single digit growth in the U.S. biscuit business and low single-digit growth in Europe but noted chewing gum sales are under pressure. Additionally, Mr. Moskow expressed concern about slowing growth in emerging markets, including Brazil and China. For the second quarter, Mr. Moskow lowered the Credit Suisse earnings estimate to 33c from 38c. For the year, he trimmed the earnings per share forecast to $1.56, the lower end of the company guidance range of $1.55 to $1.60. He described the Mondelēz stock as “in the penalty box” after “management disappointed investors in late May” with projections of only modest profit margin expansion. Second-quarter financial information will be issued in about a month.