Shares of The Hershey Company (NYSE:HSY) rose by nearly 2% today after the chocolate manufacturer reaffirmed its financial outlook for Fiscal Year 2024. Hershey continues to expect net sales growth in the range of 2% to 3%. Meanwhile, growth in adjusted EPS for the year is anticipated to be flat.
Additional details on the company’s efforts to drive profitable growth and long-term shareholder value can be expected at the 2024 Consumer Analyst Group of New York (CAGNY) conference, where its top brass is presenting.
Earlier this month, Hershey reported a modest 0.2% growth in its top line for the fourth quarter. The quarter was marked by robust gains in Hershey’s International vertical but weak performance in its North America Salty Snacks segment, primarily due to planned inventory declines and softness in the ready-to-eat popcorn category.
Additionally, concerns remain that higher cocoa and sugar prices could impact Hershey’s performance this year. While cocoa futures have been on a tear over the past year, Hershey has seen its stock price plummet by nearly 17%.
Is Hershey a Good Investment?
Overall, the Street has a Hold consensus rating on Hershey, and the average HSY price target of $209.25 implies a modest 7.3% potential upside in the stock.
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