Wells Fargo analyst Chris Carey initiated coverage of Hershey with an Underweight rating. Execution at Hershey has been solid but valuation is near all-time highs, and the analyst doesn’t think its EPS algorithm has step-changed. Indeed, after years of tightly managing costs and likely normalization ahead in high-margin Confectionery, Carey is "struggling" to get to profit algorithm in 2024.
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Published first on TheFly
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