Hershey price target lowered to $166 from $185 at TD Cowen

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.