Analyst Lauds Hershey's Shining Future Growth Prospects, Resilient Category Demand And New Capacity
Analyst Lauds Hershey's Shining Future Growth Prospects, Resilient Category Demand And New Capacity
分析师称赞Hershey的光明未来增长前景、弹性品类需求和新产能
- Mizuho analyst John J. Baumgartner reiterated a Neutral rating on The Hershey Company (NYSE:HSY), raising the price target to $263 from $235.
- Baumgartner notes that Hershey's achievable guidance, resilient category demand, and new capacity will limit downside risks to FY23 EPS.
- The analyst applauds the company's category defensiveness, vigorous execution of snacking exposure, increasing capacity (chocolate & non-chocolate), and strong returns from advertising spend.
- Investors will continue to find near-term confidence in the confectionery. This is because the new capacity is on track (tonnage approx. +300bps this year) and will enable full participation in Halloween and year-end holidays (improving market share) and summer merchandising for chocolate and non-chocolate products.
- In addition, the planned acquisition of Weaver popcorn manufacturing assets is expected to happen potentially in Q2.
- The buyout will provide ample capacity for multi-year growth, incremental operating leverage, and margin upside in FY24 and beyond.
- For FY23, the analyst increased gross margin to 44.7% and +70bps Y/Y vs. the prior 44.4% guidance.
- This year, the company will undertake a range of investments, including increased brand spending to support key confection and salty snacks brands, including Reese's, Hershey's, seasonal initiatives, gummies, better-for-you products, and salty snacks.
- The analyst notes that new capacity should further support volume as constraints have limited HSY's ability to meet demand, particularly for Halloween and holidays.
- Also Read: Hershey Raising The Bar With Solid Q1 Beat; Eyes High-End Of FY23 Outlook
- Price Action: HSY shares are trading higher by 1.27% at $276.53 on the last check Monday.
- 瑞穗分析师John J.Baumgartner重申评级为中性好时公司(纽约证券交易所代码：HSY)，将目标价从235美元上调至263美元。
- 鲍姆加特纳指出，好时可实现的指引、具有弹性的类别需求和新的产能将限制23财年每股收益的下行风险。
- 这位分析师称赞该公司的品类防御性，积极开展零食曝光，增加产能(巧克力和非巧克力)，并从广告支出中获得强劲回报。
- 投资者将继续对糖果行业短期内保持信心。这是因为新的运力已步入正轨(吨位约为今年增长了300个基点)，并将全面参与万圣节和年终假期(提高市场份额)，以及巧克力和非巧克力产品的夏季促销活动。
- 此外，收购Weaver爆米花制造资产的计划预计将在第二季度完成。
- 此次收购将为2014财年及以后的多年增长、增量运营杠杆和利润率上升提供充足的产能。
- 在23财年，分析师将毛利率提高到44.7%，同比增长70个基点，而之前的指引为44.4%。
- 今年，该公司将进行一系列投资，包括增加品牌支出，以支持关键的糖果和咸味零食品牌，包括里斯、好时、季节性举措、口香糖、对你更好的产品和咸味零食。
- 这位分析师指出，新的运力应该会进一步支撑销量，因为限制限制了HSY满足需求的能力，特别是在万圣节和假日。
- 也请阅读：好时以扎实的第一季度节拍提升标准；着眼于23财年前景的高端
- 价格行动：在周一的最后一次检查中，HSY的股价上涨了1.27%，达到276.53美元。