UPDATE: Deutsche Bank Reiterates Buy Rating, Lowers PT on The Hershey Company on 3Q14 Earnings Preview

In a report published Friday, Deutsche Bank analyst Eric Katzman reiterated a Buy rating on

, but lowered the price target from $109.00 to $108.00. In the report, Deutsche Bank noted, “Hershey enjoys leading U.S. market share, initial EM success and solid B/S, FCF. While the stock has underperformed in 2014 due to weak 1H new products, greater snack competition, and higher input cost, we see opportunity particularly looking out to 2015 fundamentals versus valuation (21x 2015 P/E) has contracted.” The Hershey Company closed on Thursday at $93.85.