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Alexia Howard of Bernstein doesn’t expect much upside in the shares of Hershey Co (NYSE: HSY) following the withdrawal of Mondelez International Inc (NASDAQ: MDLZ)'s bid and weakness in the U.S. chocolate category as consumers are becoming more health conscious and avoiding added sugar.
“While there may be some support at these levels based on investors' hopes of another bid for the company, the weakness in the U.S. chocolate category and struggling presence in China present little reason to expect upside,” Howard wrote in a note.
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In addition, macroeconomic pressures in China and Mondelez’s entry in to the country are weighing on sales from China.
In this environment, Hershey’s top-line goals seem increasingly tough to achieve.
“To achieve the current organic sales growth guidance of ~1.5 percent in 2016, Hershey needs ~3 percent growth in the second half, which seems fairly unlikely given the US category weakness,” Howard highlighted.
On the positive side, the analyst said benign cocoa prices and the recent cost savings should help operating margins and enable Hershey to deliver constant currency EPS of $4.26 and $4.57 for 2016 & 2017, respectively.
The analyst, who has a Market Perform rating on the stock, cut the price target by $2 to $98. At the time of writing, shares were up 0.29 percent to $95.57.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.