Hershey Analysts Cut Their Forecasts After Q3 Results

Hershey Company HSY reported upbeat earnings for its third quarter on Thursday.

Hershey reported third-quarter FY23 sales growth of 11.1% year-on-year to $3.03 billion, beating the analyst consensus estimate of $2.95 billion. Adjusted EPS of $2.60 beat the consensus estimate of $2.45.

Hershey reaffirmed FY23 net sales growth of about 8% and adjusted EPS growth of 11% - 12%.

Hershey shares fell 2.2% to trade at $184.93 on Friday.

These analysts made changes to their price targets on Hershey following earnings announcement.

• TD Cowen slashed the price target on Hershey from $235 to $200. TD Cowen analyst Robert Moskow downgraded the stock from Outperform to Market Perform.
• Morgan Stanley lowered the price target on Hershey from $245 to $186. Morgan Stanley analyst Pamela Kaufman maintained an Equal-Weight rating.

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