Hershey price target raised to $210 from $195 at BofA

BofA analyst Bryan Spillane raised the firm’s price target on Hershey to $210 from $195 and keeps a Neutral rating on the shares after the company’s Q4 adjusted EPS and 2024 financial outlook beat expectations. Given the sustained increase in cocoa prices, the firm and the market were braced for a potential down earnings year in FY24, but the combination of modestly lower than anticipated net inflation and the introduction of incremental cost savings resulted in “less of a blow from cocoa” and modestly better than expected EPS, the analyst tells investors.