Hershey price target lowered to $195 from $208 at Deutsche Bank

Deutsche Bank analyst Steve Powers lowered the firm’s price target on Hershey to $195 from $208 and keeps a Hold rating on the shares. The analyst enters 2024 seeing a relatively balanced risk/reward across the consumer packaged goods sector. The firm expects another challenging year fundamentally, characterized by questionable rates of volumetric recovery, potentially challenging price/mix, and thus slowing organic growth. It remains biased towards “quality” names entering the New Year “that admittedly already carry premium multiples.”