Hershey price target raised to $167 from $160 at Piper Sandler

Piper Sandler analyst Michael Lavery raised the firm’s price target on Hershey (HSY) to $167 from $160 and keeps an Underweight rating on the shares. The firm notes cocoa costs remain elevated, even more so than many observers expected, though Hershey is making greater use of derivative options than usual, so that it can still benefit if costs fall further, as it expects. It also has some tariff relief from Canadian reciprocal tariffs, which were removed on relevant products for Hershey on September 1. Piper estimates these tariffs were about 25% of its $100M quarterly tariff headwind, and now adds back $25M of quarterly tariff savings vs. its prior estimates.