Hershey (HSY) PT Lowered to $164 at DA Davidson

DA Davidson analyst Brian Holland lowered the price target on Hershey (NYSE: HSY) to $164.00 (from $187.00) while maintaining a Neutral rating.

The analyst comments "We remain NEUTRAL on weakness, given continued uncertainty around cocoa as well as ongoing cyclical (private label incursion, retailer inventory management) and potentially secular (GLP-1 impact on indulgent demand) headwinds. We believe the stock is currently pricing in a low double digit EBITDA decline in FY25 compared to our -15% estimate (we think the buy side is even lower); with that, we do not believe risk / reward is attractive enough to get constructive here."

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