Hershey price target lowered to $161 from $163 at Jefferies

Jefferies lowered the firm’s price target on Hershey (HSY) to $161 from $163 and keeps an Underperform rating on the shares. Chocolate volumes continue to decline year-over-year into Halloween, while retail prices continue to climb in a still budget-conscious consumer backdrop, says the analyst. While a slight Halloween Q3 shipment shift and a Q4 everyday inventory build could help to offset, category softness around Halloween is “likely not a positive for go-forward reloads,” says the analyst, who adds “We now sit at $8.60 EPS next year, Street low.”