Morgan Stanley lowered the firm’s price target on Hershey to $186 from $245 and keeps an Equal Weight rating on the shares. While Q3 EPS beat on organic revenue and gross margin upside, the firm sees multiple headwinds – including weaker consumer demand in chocolate/salty snacks, increasing competition, a tougher retail environment and elevated cost inflation – weighing on FY24 results. The firm has reduced its 2024 EPS forecast by about 7% following Hershey’s Q3 report, the analyst noted.
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