UPDATE: Jefferies Initiates Hershey at Hold

Jefferies is out with its report today on Hershey (NYSE: HSY), initiating HSY at Hold.

In its report, Jefferies writes, "We are initiating coverage of Hershey with a Hold rating and $58 target price. We consider the company fairly valued given a good long term outlook due to international opportunities and the strength and growth outlook of its categories. In the near term this is offset by challenges due to a pending retail price increase, strong innovation comps and potentially no inflation relief."

Shares of HSY closed Wednesday at $58.21, down 1.82% from Tuesday's close.