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HSY · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is The Hershey Company (HSY) stock moving?
Hershey reported a Q3 beat on Oct 29, but narrowed its 2026 organic sales outlook as cautious consumers, pressured by high gas prices, cut back on candy, and the CFO warned the company could fall short of its EPS target framework if conditions persist. The shares fell to a 160.28 low on heavy volume of 2.62M that day, then recovered to a 179.83 intraday high on Nov 6 before closing at 173.95 on Nov 10. Volume has faded on the last two sessions, with Nov 10 at 1.55M, which suggests the rebound is losing momentum. Analysts have cut targets across the board, ranging from $160 (Wells Fargo) to $200 (Evercore ISI), with TD Cowen downgrading to Hold and Wells Fargo, JP Morgan and Barclays targets sitting at or below the current price. Tariff refunds add about $0.22 to FY26 adjusted EPS, a one-time benefit that flatters the year. Barry Callebaut's notice that its collaboration ends at the end of 2027 is a longer-term supply-relationship question. The holiday lineup and dividend declaration are routine and offer limited near-term support.
News behind the analysis
- The Hershey Company Reports Third-Quarter 2026 Financial ResultsHershey reported Q3 results for the quarter ended September 27, 2026, and updated its 2026 sales and earnings outlook.
- High Gas Prices Are Hurting Candy Shopping, Hershey WarnsHershey beat Q3 earnings estimates, but the stock slipped as cautious consumer spending narrowed its 2026 organic sales outlook.
- Hershey CFO Says If Today's Conditions Remain, Co. Could Be Shy Of EPS Target FrameworkThe CFO said Hershey could fall short of its EPS target framework if current conditions persist.
- Hershey Says FY26 Adjusted EPS Growth Outlook Includes ~$0.22 From Q3 Tariff Refunds Received, With $0.03 In Q2Hershey's FY26 adjusted EPS growth outlook includes about $0.22 from Q3 tariff refunds, with $0.03 recognized in Q2.
- TD Cowen Downgrades Hershey to HoldTD Cowen moved Hershey from Buy to Hold and cut its price target to $173 from $198.
- Barclays Maintains Equal-Weight on Hershey, Lowers Price Target to $171Barclays kept its Equal-Weight rating on Hershey and lowered its price target to $171.
- Wells Fargo Lowers Price Target for The Hershey CompanyWells Fargo lowered its price target on Hershey, citing a cautious outlook on the company's earnings.
- Barry Callebaut to End Collaboration Agreement with The Hershey CompanyBarry Callebaut said its long-standing collaboration agreement with Hershey will conclude at the end of 2027.
- The Hershey Company Declares Quarterly DividendsHershey declared quarterly dividends for Common Stock and Class B Common Stock, payable in December 2026.
- The Hershey Company Announces 2026 Holiday Product LineupHershey unveiled its 2026 holiday portfolio with new limited-edition flavors and festive packaging.
About The Hershey Company
The Hershey Company is a Pennsylvania-based maker of chocolate, candy and snacks, with brands such as Hershey's, Reese's, Kit Kat (in the US), Twizzlers, SkinnyPop, Dot's Pretzels and LesserEvil. It is the largest chocolate maker in North America, and a charitable trust holds voting control through a special class of shares; under CEO Kirk Tanner it is expanding further into salty and functional snacks.
How it makes money
Hershey sells branded candy, chocolate, mints, gum and salty snacks to retailers such as grocery stores, mass merchants, convenience stores and club stores. North America Confectionery brings in most of its sales (roughly 80%), North America Salty Snacks adds about 10%, and International makes up the rest. Annual net sales are roughly $12 billion or more, and seasonal events like Halloween, Easter and the winter holidays are big sales periods. In 2026, most of its growth came from price increases, while the amount it sold slipped a little.
What usually moves HSY
- Cocoa and sugar cost swings
- Pricing power versus volume declines
- Seasonal candy sales (Halloween, Easter, holidays)
- Snacking demand and GLP-1 weight-loss drug concerns
- Dividend and defensive-stock sentiment