Hershey: shares fall after Credit Suisse downgrade

(CercleFinance.com) - Shares in Hershey, the maker of Reese's Peanut Butter Cups and Cookies 'n' Creme white chocolate, are currently down over 3% on Wednesday after Credit Suisse downgraded the stock from "neutral" to "underperform".


"We believe that the shift in shopping patterns to more convenient methods like online and click-and-collect will materially reduce the number of impulse purchase occasions for confectionery products merchandised at traditional checkout aisles," the broker wrote in a research note.

Credit Suisse also cut its target price for the share from 90 dollars to 80 dollars.

One hour after Wall Street opened, Hershey was trading 3.3% lower at 90.3 dollars, underperforming the US stockmarket, which was up 0.1%.

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