Barclays lowered the firm’s price target on Hershey to $202 from $204 and keeps an Equal Weight rating on the shares. While 2024 was always anticipated to be a back-end-loaded year from both an organic sales and earnings growth standpoint, weaker than modeled consumption and share trends through two-thirds of Hershey’s Q3 cause warrants reduced estimates for the quarter and year below the consensus, the analyst tells investors in a research note. The firm says the company’s current guidance seems to assume an acceleration of organic sales growth in its core North America Confectionery segment.
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