Hershey

HSY · NYSE

$169.58+$2.58 (+1.54%)TodayMarket closed · Oct 20, 7:48 PM ET

Prev close $167.00

HSY analyst rating

HoldConsensus of 17 analysts over the last 12 months. 29% rate it a buy.

Strong buy0
Buy5
Hold12
Underperform0
Sell0

12-month price target · 22 analysts

Average $208.98 (+23.2% upside)

Low: $171.70
Now: $169.58
High: $262.50

Upgrades and downgrades

The latest rating actions, newest first

HSY analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Barclays	Oct 16, 2026	Maintains	Equal-Weight	$200.00 → $178.00	44%
JP Morgan	Oct 15, 2026	Maintains	Neutral	$193.00 → $183.00	40%
TD Cowen	Oct 13, 2026	Maintains	Buy	$210.00 → $198.00	58%
Wells Fargo	Oct 5, 2026	Maintains	Equal-Weight	$190.00 → $170.00	57%
RBC Capital	Aug 21, 2026	Maintains	Sector Perform	$212.00 → $206.00	45%
Barclays	Aug 3, 2026	Maintains	Equal-Weight	$208.00 → $200.00	44%
UBS	Jul 31, 2026	Maintains	Neutral	$190.00 → $198.00	62%
JP Morgan	Jul 31, 2026	Maintains	Neutral	$191.00 → $193.00	40%
Wells Fargo	Jul 31, 2026	Maintains	Equal-Weight	$200.00 → $190.00	57%
Evercore ISI Group	Jul 23, 2026	Maintains	Outperform	$255.00 → $225.00	45%

The case for and against

Updated Oct 14, 2026

Bull case

Hershey is supported by a powerful brand portfolio and dominant U.S. confectionery position, controlling more than 35% of the domestic chocolate aisle and spanning 100 brands sold in about 80 countries, which provides scale and resilience. Its acquisition of Amplify, Pirate Brands, Dot's Pretzels, and LesserEvil broadens growth beyond core chocolate, while 4Q25 results showed net sales up 10.6% to $3,104.2M and organic constant-currency sales up 7.9%, aided by price and acquisition contribution. Although competition from Mars is pressuring share and cocoa costs remain elevated, the company’s innovation, capacity investments, and expected +2-4% organic sales growth and +18-20% average annual EPS growth in 2026-28 support a constructive long-term outlook.

Bear case

Hershey is facing a deteriorating competitive position as premium, “better-for-you,” and private-label brands continue to siphon lapsed shoppers, while Mars gains share through innovation, larger pack sizes, and a less aggressive pricing stance. Its core chocolate business, which represents more than 75% of candy sales, is under particular pressure: in 2Q it lost about 135 bps of dollar share and 145 bps of volume share, and Hershey’s mid-teens price premium to Mars has intensified volume losses. With mixed innovation repeat rates, a tough comparison starting in 3Q'26, and gross margin down 80 bps to 40.4% amid elevated cocoa and tariffs, the company may need to reinvest more just to defend share.

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