Hershey price target raised to $246 from $236 at Deutsche Bank

Deutsche Bank analyst Steve Powers raised the firm’s price target on Hershey to $246 from $236 and keeps a Hold rating on the shares. Although data points are "choppy," there have been a number of positive developments for the markets over the past several weeks, including lower than expected inflation in November, the Federal Reserve signaling a move to a more deliberate pace of hikes, and signs of progress away from Zero COVID policy in China, Powers tells investors in a research note. The positive developments are negative for relative returns of defensive assets like U.Sgreater than consumer staples, says the analyst. From here, he expects a "muddled and volatile macro backdrop to continue in the year ahead" and that a "less defensive posture of the market to endure as a base case."