logo
Plus   Neg
Share
Email

Hershey Posting Strong Gain On Double Upgrade By Bank Of America Merrill Lynch

Shares of Hershey Co. (HSY) have pulled back off their highs of the session but continue to see significant strength in afternoon trading on Wednesday. After ending the previous session at a nearly two-month closing low, Hershey is currently up by 3.3 percent.

Hershey rebounded strongly early in the session after Bank of America Merrill Lynch upgraded its rating on the chocolate giant's stock two notches to Buy from Underperform.

"While the chocolate, candy and gum category is slowing, Hershey has taken strategic actions through reinvestment, acquisitions and divestitures and cost savings to drive both sales and earnings growth," BAML analysts Bryan Spillane and Jacqueline Waldman said.

They added, "Hershey has positioned itself better than peers to grow sales and profits while maintaining flexibility to return cash to shareholders."

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Royal Bank of Canada (RY, RY.TO) reported that its first-quarter net income to shareholders increased to C$3.10 billion from C$2.93 billion, a year ago. Earnings per share was C$2.15 compared to C$2.01. Adjusted EPS was C$2.19 compared to C$2.05. On average, 12 analysts polled by Thomson Reuters expected... Google added bitcoin's 'B' symbol to its Keyboard on iOS devices, indicating the leading cryptocurrency's growing acceptance in the mainstream industry. The feature, however, is not added to Android keyboards. The addition of the bitcoin currency key reflects Google users' growing interest in bitcoin. According to Google Trends, 'What is Bitcoin?' was the most popular search question in 2018. Shares of Deutsche Telekom AG were losing around 2 percent in German trading after the telecom giant reported Thursday a net loss in its fourth quarter, compared to prior year's profit, despite increased revenues. Looking ahead, the company said its 2019 forecast shows undiminished growth momentum.
Follow RTT