UBS analyst Cody Ross upgraded Hershey to Buy from Neutral with a price target of $269, up from $244. The analyst believes packaged food investors should remain selective heading into 2023. Against this backdrop, Hershey will "remain in a beat and raise cycle through 2025," Ross tells investors in a research note. The analyst says his confidence is based on the company’s wrap-around price benefits in 2023 coupled with additional capacity additions, as well as a more accommodative operating environment in confection.
Published first on TheFly
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