Hershey CEO appointment ‘logical next chapter’ in expansion, says Stephens

After Hershey (HSY) announced Kirk Tanner will succeed Michele Buck as CEO effective August 18, Stephens analyst Jim Salera calls the appointment “a logical next chapter” in Hershey’s snacking expansion strategy given Tanner’s multi-category, global execution experience from PepsiCo (PEP) and more recently as CEO of Wendy’s (WEN). The firm, which also notes that elasticity in everyday chocolate has held up better than expected and Salty Snacks has continued to “build credibility as a growth engine,” has an Overweight rating and $180 price target on Hershey shares.