Morgan Stanley lowered the firm’s price target on Hershey to $170 from $183 and keeps an Underweight rating on the shares. The firm sees Hershey’s EPS falling by 5% year over year due to the significant recent rise in cocoa prices, which are up 90% over the last two months and up 125% year to date, the analyst tells investors in a research note. The firm’s updated commodity cost analysis points to double digit input cost inflation for Hershey in 2025.
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