Citi initiated coverage of Hershey with a Neutral rating and $213 price target. While the firm says it can see the case for nearer-term upside in the shares if takeaway trends rebound and Hershey takes pricing to combat cocoa inflation, it adds that it is “tough to be more constructive” given its view that near-term estimates need to come down and the lack of clarity it sees as to when volume and/or pricing might inflect.
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