BMO Capital Markets reiterates its Perform rating on Hershey HSY 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.
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