UPDATE: Jefferies Reiterates Hold Rating, Raises PT on The Hershey Company
In a report published Friday, Jefferies reiterated its Hold rating on The Hershey Company (NYSE: HSY), and raised its price target from $75.00 to $78.00.
Jefferies noted, “HSY reported 4Q12 EPS of $0.74, 2¢ below consensus, and raised its FY13 EPS growth outlook 2 pts to 10-12% despite a planned +20% increase in advertising. The Brookside acquisition and less inflation provide HSY with the means for higher spending. With strong international growth and the pending Brookside distribution expansion, HSY's business seems to be strong but we reiterate our Hold due to the already high valuation.”
The Hershey Company closed on Thursday at $78.28.
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