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 (NYSE: 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.
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