Hershey Company (HSY) stock fell on Tuesday after naming Kirk Tanner, current President and CEO of Wendy’s (WEN), as its next CEO. Tanner will take over on August 18, replacing Michele Buck, who is retiring after seven years. Buck will serve in a senior advisory role to help with the transition.
Tanner previously served at Pepsi (PEP) before joining Wendy’s, where he will leave on July 18 with Ken Cook taking over as interim CEO. Analysts are mixed on the news, with some predicting a significant decline in HSY stock. A recent Sell rating and $120 price target imply a potential 30.09% downside from Piper Sandler analyst Michael Lavery.
Wall Street analysts have a Hold consensus rating for Hershey, with an average stock price target of $160.85, representing a 6.3% potential downside. The company’s HSY stock has seen mixed results, with a year-to-date gain of 3.73% but a drop of 3.94% over the past 12 months.
Source: https://www.tipranks.com/news/the-hershey-company-stock-hsy-slips-on-new-ceo-choice