Stifel lowered the firm’s price target on Hershey (HSY) to $180 from $195 and keeps a Hold rating on the shares. The firm’s estimates are below consensus for Hershey, Campbell (CPB), and Mondelez (MDLZ), the analyst noted in a preview for the packaged and prepared food group. The group trades a valuation that is a discount to history, primarily reflecting the uncertain volume recovery trajectory and reinvestment requirements, the analyst noted.
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