Hershey Analysts Cut Their Forecasts After Q3 Results
Portfolio Pulse from Lisa Levin
Hershey Company reported Q3 FY23 sales growth of 11.1% YoY to $3.03 billion, beating the analyst consensus estimate. However, following the earnings announcement, TD Cowen and Morgan Stanley analysts lowered their price targets on Hershey, leading to a 2.2% fall in Hershey shares.
October 27, 2023 | 6:00 pm
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NEGATIVE IMPACT
Hershey's Q3 earnings beat estimates, but lowered price targets from TD Cowen and Morgan Stanley led to a 2.2% drop in shares.
Despite Hershey's strong Q3 earnings, the lowered price targets from TD Cowen and Morgan Stanley have negatively impacted investor sentiment, leading to a drop in share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100