Wells Fargo analyst Chris Carey upgraded Hershey (HSY) to Equal Weight from Underweight with a price target of $182, up from $157. The firm says cocoa prices are down over 50% from the peak this time last year, which is a “welcome development” for Hershey. The company has also taken substantial pricing heading into 2026, the analyst tells investors in a research note. However, Wells views the stock’s valuation as “rich” at current levels and does not recommend chasing the shares.
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