Hershey price target raised to $220 from $205 at DA Davidson

DA Davidson raised the firm’s price target on Hershey to $220 from $205 and keeps a Neutral rating on the shares. The company’s post-earnings strength represents the view that its initial FY24 guide is the last of the bad news, and to that end, the earnings call commentary was constructive, the analyst tells investors in a research note. The management indicated that cocoa and other key input costs are essentially locked in for the year, and no improvement in consumer behavior is embedded in the outlook, the firm added.