RBC Capital downgraded Hershey to Sector Perform from Outperform with a price target of $213, down from $239. RBC’s latest channel work suggests the competitive landscape in 2024 is likely to be just as intense, if not more, than 2023 across Hershey’s chocolate and confection categories in the U.S., as it appears that Mars and Ferraro/Ferrera will likely elevate their marketing, promotional spend, and innovation in the upcoming year, the analyst tells investors in a research note. The firm believes this will impact Hershey’s quest to regain volume growth and market share.
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