UPDATE: Jefferies Raises PT to $67 on The Hershey Company; EPS Defies Sector Trends

Jefferies increases its price target on Hold-rated The Hershey Company (NYSE: HSY) from $60 to $67 following Q1 results.

Jefferies comments, "HSY's 1Q12 adj. EPS of $0.95 (not adjusted for NSRPE) grew 32% and defied the otherwise poor packaged food trends. Organic revenue grew 10.4% and the adj. EBIT margin improved to 21.0%, the best 1Q result in at least 6 years. This performance was another demonstration of the exceptional nature of the CMG category but we consider it reflected in the high valuation premium over peers."

HSY closed at $66 on Monday.

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