Hershey price target lowered to $240 from $270 at Argus

Argus lowered the firm’s price target on Hershey to $240 from $270 but keeps a Buy rating on the shares. The company reported Q3 results that topped expectations for the fourteenth consecutive quarter, the analyst tells investors in a research note. Hershey management also signaled confidence in its outlook with a 15% dividend hike, the firm adds. Hershey share valuations are at the high end of the normal range, but are justified by the company’s current outlook and performance history, Argus states.