Hershey price target raised to $280 from $255 at RBC Capital

RBC Capital raised the firm’s price target on Hershey to $280 from $255 and keeps an Outperform rating on the shares after its Q1 earnings beat. All of the company’s segments are beating organic sales estimates and better than expected elasticities, the analyst tells investors in a research note. Hershey’s gross margins also came in 140bps better than expected, as price realization, sales growth, and improved supply chain efficiencies offset raw material, packaging, and logistics inflation, RBC added.