Citi Downgrades Hershey Foods (HSY) to Hold
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Citi downgrades Hershey Foods Corp (NYSE: HSY) from Buy to Hold.
Citi analyst says, "We believe HSY still has issues that need fixing and see the stock price as reflecting the good news that came out of the 2Q08 earnings report. If sales trends continue to accelerate, it is possible that there could be significant upside to earnings; however, visibility on this is limited and risk remains that it does not materialize. We believe that there are more compelling investment opportunities
in the food manufacturing sector than Hershey with less risk and more visibility including ConAgra (NYSE: CAG), Heinz (NYSE: HNZ), General Mills (NYSE: GIS), and Kellogg (NYSE: K).
The Hershey Company is a manufacturer of chocolate and sugar confectionery products.
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