UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on The Hershey Company

In a report published Friday, Deutsche Bank reiterated its Hold rating on The Hershey Company HSY, and raised its price target from $72.00 to $75.00. Deutsche Bank noted, “Maintain HOLD Opinion - We love chocolate and Hershey is performing well but stomaching a 33% premium valuation to the group's C2013 P/E and 20% premium to EV/EBITDA is too much for us. Hershey leads in the U.S. market and is finally building up intl.. But the EM roll-out cost is undefined, 2012 chocolate share was down slightly and we worry over format-based competition and promo levels on the back of deflation.” The Hershey Company closed on Thursday at $79.45.