Hershey HSY stock formed a downtrend channelUptrend and downtrend channel patterns are technical analysis tools used to identify potential future price movements. They are formed by two parallel lines on a chart and can be u... breakout pattern on June 16, 2023. The stock is in a technical uptrend.
The Hershey Company is a leading global manufacturer of chocolate and other confectionery products. It produces a range of chocolate bars, candies, snacks, and baking ingredients, including the iconic Hershey’s Milk Chocolate Bar, Reese’s Peanut Butter Cups, Kit Kat, Jolly Rancher, Twizzlers, and more. The company also operates its own chocolate factories and retail stores, and is committed to sustainability and responsible sourcing of its ingredients.
Hershey price target raised at RBC Capital
Following Hershey’s better-than-expected Q1 earnings, RBC Capital increased its price target for the company to $280 from $255 on May 2, 2023, and kept an Outperform rating on the shares. According to the analyst’s research note to investors, all of the company’s segments are exceeding organic salesThe income statement provides a summary of a company's revenue and expenses over a specified period of time, typically a year or a quarter. It shows the company's total revenue, th... forecasts and having better-than-expected elasticities.
As a result of price realization, sales growth, and improved supply chain efficiencies, which offset inflation in raw material, packaging, and logistics, Hershey’s gross margins also turned out 140bps better than anticipated, according to RBC.
