Hershey Hit with Analyst Downgrade As Chocolate Segment Melts

Group 1 - Jefferies analysts downgraded Hershey to underperform and reduced their price target from $184 to$163, representing a nearly 15% decrease from the company's closing price [1] - Chocolate is lagging behind other snack categories in volume growth, with consumers opting for more cost-effective snacks like potato chips, pretzels, and cookies [1][2] - The rising price of cocoa, which has reached all-time highs due to poor harvests, is significantly increasing input costs for chocolate producers [2] Group 2 - Hershey's shares have increased by approximately 2% this year but have declined over the past 12 months [2]