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Hershey Analysts Cut Their Forecasts After Q3 Results

Hershey Company (NYSE: HSY) reported upbeat earnings for its third quarter on Thursday.
byLisa Levin
October 27, 2023
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Hershey Company (NYSE: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.

Now Read This: How To Earn $500 A Month From Willis Towers Watson Stock Following Upbeat Earnings

 
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