Hershey downgraded to Underweight from Equal Weight at Morgan Stanley

Morgan Stanley downgraded Hershey to Underweight from Equal Weight with a price target of $183, down from $191. The analyst is cautious on Hershey’s midterm outlook given outsized cocoa inflation, a tougher pricing environment and weaker consumer demand for confectionery and popcorn. The firm says cocoa cost pressures will weigh on the company’s 2025 earnings. It sees a “2:1 bear:bull skew” at current share levels.