Mizuho does not see clear internal successor for Hershey CEO

Mizuho analyst John Baumgartner keeps a Neutral rating on Hershey (HSY) with a $170 price target after the company announced that its CEO Michele Buck plans to retire effective June 30, 2026. The analyst does not see a clear internal successor and one who will contend with U.S. chocolate category volumes weaker versus the historical trend, rising competition, and likely increased political scrutiny of health and ingredients. Hershey’s fiscal 2024 guidance was reiterated, but the shares are trading at a 20% premium versus its U.S. food peers, the analyst tells investors in a research note.