Hershey upgraded to Equal Weight on pricing tailwinds at Wells Fargo

Wells Fargo upgraded Hershey to Equal Weight from Underweight with a price target of $255, up from $230. The company’s new pricing action "changes things" as it protects earnings well into 2024, creating a "unique tail of EPS visibility," the analyst tells investors in a research note. Hershey’s pricing tailwinds could well last for the next several years and the macro environment is volatile, which is likely to keep the stock’s valuation in the historically high range for the foreseeable future, contends Wells.