UPDATE: BMO Capital Markets Raises PT on Hershey to $66, Maintains Perform

BMO Capital Markets reiterates its Perform rating on Hershey

and raises its price target to $66 from $62 as targets from the company appear to be overly conservative. BMO Capital Markets says, "HSY's long-term growth objective of 6%-8% appears too conservative in light of 1) the underlying strength of its business model and greater emphasis on international growth; 2) its track record, in which HSY has exceeded the top end of its long-term growth target eight of the last ten years and likely again in 2011 (i.e., we forecast 11% growth); and 3) comparisons to its peer group." HSY closed at $61.94 per share on Wednesday.