Hershey (HSY) PT Raised to $237 at RBC Capital After Posting a Strong Beat and Conservative Guide

RBC Capital analyst Nik Modi raised the price target on Hershey (NYSE: HSY) to $237.00 (from $214.00) after the company reported another quarter of impressive top- and bottom line results. North America Confectionery posted +10.6% organic growth vs. +2.6% consensus, driven by +3.8% of volumes and +6.8% of pricing.

The analyst reiterated an Outperform rating, stating "While there was a lot of focus on the fact that it did not raise EPS guidance to a greater magnitude, we think a conservative guide was appropriate given the volatility of the environment. We see upside for HSY should elasticities continue holding up well through the year. We raise our estimates to the high end of the new guide, bringing our adj. EPS forecast to $8.06 (from $7.94) and our price target to $237 (from $214).".

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