Evercore Lifts Hershey to Outperform With $255 Target as World Cup, America 250 Boost Sales
Updated
Updated · Bloomberg · May 29
Evercore Lifts Hershey to Outperform With $255 Target as World Cup, America 250 Boost Sales
3 articles · Updated · Bloomberg · May 29
Evercore ISI upgraded Hershey to outperform from in-line and kept a Street-high $255 price target, implying nearly 30% upside from Thursday's close over the next 12 months.
Summer demand is the core of the call: analyst David Palmer said the FIFA World Cup and America’s 250th anniversary could lift sales of chocolate and other sweet treats.
The upgrade frames the current weakness in Hershey shares as a buying opportunity, with Palmer arguing the event-driven sales boost could help beaten-down stock recover.
The bullish call makes Palmer Hershey’s newest Wall Street bull and adds a positive catalyst-focused case for the candy and snack maker heading into a busy summer.
Will a summer of celebration spark a 30% rally for Hershey despite record cocoa costs?
Can Hershey's salty snack pivot win over a Gen Z that is abandoning its classic chocolate?