TD Cowen Cuts The Hershey (HSY) Price Target to $198

TD Cowen reiterates its Buy rating for The Hershey Company with a new price target of $198, a 16.61% upside from the current price.

By EarningsIQ Research Desk · Published Oct 16, 2026, 2:14 PM EDT

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TD Cowen cut its price target on The Hershey Company ($HSY) to $198 from $210 on October 13, 2026, and rates the stock "Buy".

Since the rating, $HSY is up 4.8% to date (from the $163.05 close on Oct 13, 2026).

HSY The Hershey Company

$170.83 -4.26% year to date

Daily close · Oct 16, 2026

Key Points

On October 13, 2026, TD Cowen reiterated its Buy rating on The Hershey Company, lowering the price target from $210 to $198.
TD Cowen's $198 price target implies 16.61% upside from The Hershey Company's ($HSY) current $169.80 share price.
As of October 16, 2026, Hershey's shares are recently trading around $169.8, which is about 14.2% below the new analyst target.
The Hershey Company has a trailing twelve-month revenue of approximately $12.16 billion and a net margin of 12.2%.

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On October 13, 2026, TD Cowen reiterated its Buy rating on The Hershey Company (NYSE: HSY) and adjusted its price target from $210 to $198. This new target suggests a positive outlook, despite being lower than the previous estimate.

Hershey's shares were recently trading around $169.8 as of October 16, 2026. This price is approximately 14.2% below the new analyst target, indicating that the stock is currently undervalued relative to TD Cowen's expectations.

Other Institutional Activity in The Hershey Company

Hershey Trust Company reduced its stake by 610,837 shares, ending with about 55.9 million shares valued at roughly $9.56 billion. BlackRock Inc. added 351,446 shares, bringing its total to about 13.1 million shares worth around $2.24 billion. Vanguard Capital Management LLC increased its holdings by 56,798 shares, totaling approximately 9.7 million shares valued at about $1.65 billion. Vanguard Portfolio Management LLC grew its stake by 66,999 shares, reaching about 7.3 million shares worth around $1.24 billion. State Street Corporation cut its position by 92,967 shares, leaving it with roughly 7.2 million shares valued at about $1.23 billion.

The Hershey Company Stock Up 0.7%

Hershey's stock trades below its analyst target, suggesting potential for growth if the market aligns with TD Cowen's expectations. The shares are also performing well, with a stable revenue growth of 6.6% year-over-year.

12-month forecast

$HSY price target

The Hershey Company daily closes and this analyst's $198 target. Not advice.

Recent Earnings

The Hershey Company reported trailing twelve-month revenue of approximately $12.16 billion and an earnings per share (EPS) of $7.32. The company's return on equity stands at 32.8%, showcasing its efficiency in generating profit from shareholders' equity. The next earnings report is scheduled for November 5, 2026.

Insider Buying and Selling at The Hershey Company

Hershey Trust Company, a major stakeholder, sold a total of 130,000 shares across several transactions. These sales took place on September 25, September 30, October 2, and October 7, 2026, with total values ranging from about $3.3 million to $4.9 million per transaction. No shares were purchased during this period.

Analysts Set New Price Targets

On October 13, 2026, TD Cowen maintained its Buy rating for Hershey with a target of $198. Earlier, on October 5, 2026, Wells Fargo maintained its Equal-Weight rating with a target of $170. Other firms like UBS, Barclays, and RBC Capital have also maintained their ratings with targets ranging from $198 to $206.

About The Hershey Company

The Hershey Company, based in Hershey, Pennsylvania, specializes in making and selling confectionery products, including chocolate and snacks. With a strong brand presence, it operates in North America and internationally, focusing on both sweet and savory snacks.

Bottom Line

Investors will be looking ahead to the upcoming earnings report on November 5, 2026, to gain insights into Hershey's performance. The recent analyst ratings suggest a cautious optimism as the company continues to navigate the market landscape.