Citi analyst Thomas Palmer upgraded Hershey (HSY) to Neutral from Sell with a price target of $154, down from $159. The stock is down 24% over the past six months, but Citi does not see much near-term upside as cocoa remains “persistently high.” However, the firm thinks Hershey’s 2025 guidance “sets a reasonable floor” off which the company is likely to grow in 2026, even if cocoa prices do not decline. There are now more potential upside drivers than risk items, the analyst tells investors in a research note.
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