Candy maker The Hershey Company (HSY) on Monday caught a big upgrade from analysts at Goldman Sachs.
The firm said it boosted its rating on HSY from “Neutral” to “Buy” and lifted its price target from $68 to $69. That new target suggests a 16% upside to the stock’s Friday closing price of $59.49.
A Goldman analyst noted that Hershey’s “exposure to the confectionary category provides a better relative volume growth trajectory in an environment where spending on packaged food meals is likely to remain stagnant.” The firm also pointed to a lack of pricing pressures, better upcoming gross margins, and lower capital expenditures for the positive view.
Hershey shares rose 77 cents, or +1.3%, in premarket trading Monday.
The Bottom Line
Shares of Hershey (HSY) have a 2.56% dividend yield, based on Friday’s closing stock price of $59.49. The stock has technical support in the $56-$58 price area. The stock is trading near all-time highs of $64 a share.
The Hershey Company (HSY) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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