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According to a note from RBC Capital analyst Nik Modi, Hershey’s (NYSE:HSY) has announced a price increase effective today.
Modi said trade contacts informed them of the news, which covers the entirety of Hershey’s portfolio, with an average increase in the 13-14% range.
The price increase will reportedly vary by package size, with a 17% increase on king-size packs, a 17% increase on single-size packs, and a 9 to 14% rise on bags.
“Our channel checks confirmed that pricing will go up on seasonal products with an announcement in 2023,” wrote the analyst. “We view this as positive given Hershey’s market share momentum and indulgent nature of the company’s portfolio.”
Shares of the chocolate and cocoa products company have risen 1.5% Friday. RBC Capital currently has an Outperform rating and a $237 price target on the stock.
