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In a report published Monday, Morgan Stanley analyst Matthew Grainger reiterated an Equal-Weight rating on
Hershey Co.HSY, but removed the $100.00 price target.
In the report, Morgan Stanley noted, “The WSJ reported Friday that Hershey was among a number of companies who remain ‘in the running' to acquire privately-held Russell Stover (see Hershey, Yildiz and Private-Equity Firms Make Bids for Russell Stover, 5/16/14). The article also indicates that initial bids have exceeded $1 Bn, which would imply a mid-high teens EBITDA multiple based on prior WSJ reports (2/20/14) of $600 million in sales and ~$60 MM in EBITDA. Neither HSY nor the other companies mentioned in the article have commented on the report.”
Hershey Co. closed on Friday at $96.62.
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