UPDATE: Jefferies & Company Reiterates Hold Rating, Raises PT on The Hershey Company

In a report published Friday, Jefferies & Company reiterated its Hold rating on The Hershey Company

, and raised its price target from $73.00 to $75.00. Jefferies noted, “HSY's 3Q12 results came in as expected and the company continues to do very well, unlike some of its U.S. packaged food peers. The outlook for FY13 is in line with the long term targets and the fact that management is already willing to provide targets for next year demonstrates the stability of the company's performance. However at 20x NTM earnings the stock also appears fully valued and we maintain our Hold rating.” The Hershey Company closed on Thursday at $69.85.