Hershey tastes new record as Halloween looms
28/10/2022 21:31
** In the second-to-last trading session before decked-out
trick-or-treater's hit the streets, shares in Hershey Co HSY.N
closed up 2.4% to register a record closing high after hitting
an intraday record high for the third straight session
** Stock's daily percentage gain was just ahead of a 2.2%
increase for the the S&P 500 consumer staples sector .SPLRCS .
HSY last sale was $239.96 vs session high of $240.54
** Median PT among 22 analysts covering HSY is $236.50,
according to Refinitiv
** In July Hershey warned it would not be able to meet
demand for Halloween and Christmas holiday seasons this year,
due to a scarcity of raw ingredients, difficulties in securing
suppliers
** But Refinitiv was out with research implying that
Hershey's was in for a strong quarter with a solid run-up to
Halloween in general this year
** YTD, the maker of Hershey's kisses and Reese's candy is
up ~24% compared with a >5% decline for SPLRCS
** Mondelez International MDLZ.O , the maker of candy
including sour patch kids, closed up 2.3% on Friday but down ~7%
YTD. Tootsie Roll Industries TR.N was up 3.5%
(Reporting By Sinéad Carew, Lance Tupper)
((sinead.carew@thomsonreuters.com;))