Hershey price target raised to $205 from $200 at Wells Fargo

Wells Fargo analyst Chris Carey raised the firm’s price target on Hershey to $205 from $200 and keeps an Equal Weight rating on the shares. Underlying feels okay here and there’s a “through-cycle” argument on Hershey once visibility improves on 2025, the firm says. The problem is there’s legitimate downside to this model if cocoa doesn’t break or if elasticities worsen on higher pricing, Wells adds.