UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Raises PT on The Hershey Company
In a report published Friday, BMO Capital Markets reiterated its Market Perform rating on The Hershey Company (NYSE: HSY), and raised its price target from $72.00 to $80.00.
BMO Capital Markets noted, “Hershey's 4Q12 underlying EPS of $0.74 fell below consensus and our estimates by $0.01 and $0.03, respectively, as higher SG&A/ad spending (-$0.10) more than offset strong sales growth, higher gross profits (+$0.05), and a lower tax rate (+$0.02). Hershey increased its underlying 2013 EPS guidance to $3.56-$3.63, which is in line with consensus.”
The Hershey Company closed on Thursday at $79.45.
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