Cocoa Crunch, Pricing Woes – Morgan Stanley Flags Hershey’s Bitter Aftertaste, Downgrades Stock
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Morgan Stanley analyst Pamela Kaufman downgraded The Hershey Co (NYSE:HSY) to Underweight from Equal-Weight at a reduced price target of $183 (from $191).
The analyst is bearish on the stock following mixed fourth-quarter fiscal 2023 earnings.
Last week, Hershey reported sales of $2.66 billion, a slight increase of 0.2% year-over-year, missing the consensus of $2.70 billion, and adjusted EPS was $2.02 (flat YoY), above the consensus of $1.95.
The company expects net sales growth of 2%-3% and adjusted EPS …
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