5 Best Sugar Stocks to Buy Now

4. The Hershey Company (NYSE:HSY)

Hedge Fund Holdings: 42

Based in Derry Township, Pennsylvania, The Hershey Company (NYSE:HSY) is an American multinational company and is one of the largest chocolate manufacturers in the world. The company also specializes in cookies, cakes, beverages, and other products. As of Q3 2022, The Hershey Company (NYSE:HSY) beat EPS estimates of $2.1 by $0.07, posting earnings of $2.17 per share. The company generated a total revenue of $2.73 billion in Q3 2022, beating consensus $2.62 billion.

On December 12, UBS analyst Cody Ross upgraded The Hershey Company (NYSE:HSY) to Buy from Neutral, raising the price target on the stock to $269 from $244. According to the analyst, packaged food investors should remain selective generally heading into 2023. Keeping this in mind, the analyst ascertains that The Hershey Company (NYSE:HSY) is well-leveraged to remain in a beat and raise cycle through to 2025. Ross attributes the rating upgrade to the company’s wrap-around price benefits in 2023 and additional capacity additions, as well as a highly favorable operating environment in confection.

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