UPDATE: UBS Starts Hershey (HSY) at Neutral
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- Fed's Evans sees interest rates at 4.25-4.5% by year end
UBS analyst Cody Ross initiates coverage on Hershey (NYSE: HSY) with a Neutral rating and a price target of $226.00.
The analyst comments "Visibility to 4% organic growth. Since 2019, the competitive environment eased within the North America Confectionery segment as HSY’s largest competitor (Mars) seemed to shift its strategy, focusing on profit growth rather than market share. We believe Dot’s can deliver a high-teens CAGR over the next 3 years, adding 50-60 bps to the total company’s organic growth rate. Our confidence is driven by Dot’s below average HH penetration and its superior velocity rate, which should increase distribution further."
Shares of Hershey closed at $214.74 yesterday.
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