UBS analyst Steve Strycula says Hershey (HSY -3.5%) delivered strong U.S. pricing in Q1, but international trends were weaker.
Key UBS points on Hershey's print: "North America Q1 org sales +1.2% were a touch below our expectation, as strong pricing (+2.9%) was muted by weaker volume (-1.7%). In Q1, HSY gained ~100bps of US share with consumption dollars in candy/mint/gum. International sales fell -5.8%, from weaker sales in China (-45% in Q1) related to COVID-19 shutdown."
UBS sits with a Neutral rating on Hershey and price target of $144.
