Hershey price target raised to $285 from $260 at Jefferies

Jefferies analyst Rob Dickerson raised the firm’s price target on Hershey to $285 from $260 and keeps a Hold rating on the shares. Given snacking’s lower exposure to private label, better elasticity potential and increased snacking occasions, snacking category exposure offers lower sales volatility risk relative to broader U.S. food, the analyst contends. The firm’s proprietary survey work also reveals consumers’ preference for sweet/salty snacks and a lower intent to buy private label or on-sale snacks relative to non-snack food, added Jefferies as it raised targets on several snack-levered food makers.