TD Cowen lowered the firm’s price target on Hershey (HSY) to $166 from $185 and keeps a Hold rating on the shares. The firm said its 3Q miss and 2024 guidance reduction was widely expected. Of greater surprise management hinted toward a bigger 2025 EPS headwind than every estimate posted by the sell-side when they cited share losses to private label and acknowledged a mild headwind from GLP-1 adoption.
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Read More on HSY:
- Hershey’s Q3 2024: Sales and Earnings Decline
- Morning Movers: Under Armour and Lyft soar following earnings
- Hershey cuts FY24 adjusted EPS view to $9.00-$9.10 from $9.49-$9.59
- Hershey reports Q3 adjusted EPS $2.34, consensus $2.56
- Notable companies reporting before tomorrow’s open
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
