Plus   Neg

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
Snap Inc. (SNAP) Tuesday reported a narrower loss for the second quarter that also was better than Wall Street's expectations, as revenues surged on strong user growth. The company issued a strong revenue guidance for the current quarter, sending its shares up 10 percent in after-hours trade. California-based... Shares of Texas Instruments Inc. (TXN) gained over 6% in extended trading session on Tuesday after the analog chip maker reported a second-quarter profit and revenue that trumped analysts' expectations. The company also issued a strong financial outlook for the third quarter. Dallas, Texas-based Texas... Justin Sun, the entrepreneur who founded the cryptocurrency platform TRON, has postponed his charity lunch with billionaire investor Warren Buffett due to ill health. "TRON Foundation announces postponement of Warren Buffett lunch, press conferences after founder Justin Sun falls ill with kidney stones....
Follow RTT