BofA raised the firm’s price target on Hershey to $300 from $280 and keeps a Buy rating on the shares after the company reported better-than-expected Q1 sales and margins and revised its FY23 outlook on sales and EPS to the high end of its prior ranges. Hershey deserves a higher multiple as the company has continued to execute on their pricing actions and have seen lower than expected elasticities across their portfolio as consumers continue to spend on sweets, the firm added.
Published first on TheFly
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