Hershey upgraded to Buy from Sell at Goldman Sachs

Goldman Sachs analyst Leah Jordan upgraded Hershey (HSY) to Buy from Sell with a price target of $222, up from $170. The shares are trading at a “compelling risk/reward” following the company’s multiple guidance reductions over the past year, the analyst tells investors in a research note. The firm believes Hershey’s cost pressures from cocoa prices ad tariffs are now largely known and reflected in expectations, while the company’s market share trends have improved with tailwinds expected in the second half of 2025. Goldman thinks Hershey’s recent pricing announcements will drive “outsized” earnings growth in fiscal 2026.