UBS lowered the firm’s price target on Hershey to $235 from $260 and keeps a Buy rating on the shares. While Hershey “delivered against a low bar” with a “solid” Q3, management reiterated their FY23 view, which means implied Q4 results move lower, the analyst tells investors. The firm, which adds that concerns on 2024 are likely to continue, says its target on shares moves lower on lower estimates and peer multiple contraction.
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Read More on HSY:
- Hershey price target lowered to $186 from $245 at Morgan Stanley
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