Piper Sandler downgraded Hershey (HSY) to Underweight from Neutral with a price target of $120, down from $153. The firm believes recently elevated cocoa costs will last longer than initially anticipated, adding incremental pressure on the company’s’ earnings, especially in 2026. The Street’s 2026 earnings earnings estimates are at significant risk if current cocoa prices continue to hold, the analyst tells investors in a research note. Piper says Hershey is scrambling for cocoa supply, “a potentially worrying sign.”
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