Goldman Sachs lowered the firm’s price target on Hershey to $236 from $255 but keeps a Buy rating on the shares. The company’s Q3 results were “robust”, but the strength was largely due to shipment timing benefits, the analyst tells investors in a research note. The underlying category demand has been soft, Halloween sell-through season-to-date has been weak, and Hershey’s market share has been pressured, the firm states, adding that these dynamics are expected to lead to a soft finish for the company in 4Q and a soft start in Q1 of next year.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on HSY:
- Hershey (NYSE:HSY) Resumes Slide despite Q3 Beat
- Hershey Reports Third-Quarter 2023 Financial Results; Reaffirms 2023 Net Sales and Earnings Outlook
- Hershey Declares Quarterly Dividends
- Hershey backs FY23 adjusted EPS view $9.46-$9.54, consensus $9.53
- Hershey reports Q3 adjusted EPS $2.60, consensus $2.45