Hershey shares got a substantial boost on Wednesday, after Bank of America upgraded its rating of the company’s stock to "buy" from "underperform" . The Bank’s analysts raised price target to $120 a share, from previous outlook of $92.
The stock hit a yearly low of $89.10 on May 3, but bounced back to a year high of $110 on Dec. 13. On Wednesday, Hershey stock price climbed +3.11% to touch $107.61. While Hershey’s chocolate, candy and gum categories have been struggling with slowing sales, the company has tried to mitigate the impact on overall business by making divestitures(such as selling its two international brands) and new investments - to catch up on growth.