BUZZ-Hershey down after TD Cowen cuts PT on cocoa price inflation

Shares of chocolate maker Hershey HSY.N down 3.3% at $139.99 premarket

Brokerage TD Cowen cuts PT on stock to $133 from $172 on cocoa inflation

Peer Mondelez MDLZ.O forecast a bigger-than-estimated drop in its annual profit after market close on Tuesday, on pressures from surging cocoa prices caused by a fall in its global supply

Brokerage expects even bigger decline for HSY's profit due to co's higher exposure to chocolate-based products than MDLZ

Sees HSY implementing higher pricing over the next 12 months to offset impact of cocoa inflation, compared to its "less aggressive" approach to pricing now vs MDLZ

HSY is set to report Q4 results on Thursday

3 of 26 brokerages rate the stock "buy" or higher, 17 "hold" and 6 "sell" or lower; median PT of $68.50 - LSEG

HSY fell ~9% in 2024