Hershey price target raised to $277 from $255 at Goldman Sachs

Goldman Sachs analyst Jason English raised the firm’s price target on Hershey to $277 from $255 and keeps a Buy rating on the shares. The firm notes Hershey capped off another strong year with a solid top and bottom-line beat. And despite management’s historical penchant for issuing conservative guidance, it provided an initial outlook that came in well ahead of the FactSet consensus estimate, Goldman says. The company carries momentum of recent price increases into next year and will soon have unlocked additional capacity to drive more volume, especially behind its constrained Reese brand, the firm adds. Goldman expects this, combined with ongoing productivity, to enable the company to post its third consecutive year of double-digit growth next year.