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Hershey Heats Up on Upgrade

NEW YORK ( TheStreet) -- Shares of Hershey (HSY - Get Report) were moving higher Thursday after an upgrade from Wells Fargo.

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Reports say that Wells Fargo upgraded the stock to outperform from market perform based on expectations that the company will top revenue and earnings growth estimates in the coming years, as sales, marketing and product investments bear fruit.

Shares of Hershey began to heat up late last week following an upgrade from Janney Capital, whose analysts described Hershey has "the clearest growth story in food."

Gary Morrow of Yosemite Asset Management said before this, the stock had been hovering around its 200-day moving average for six weeks and trading in tight range for nine months.

This, following a "powerful" breakout last April, owing to a solid first-quarter report and the raising of full-year guidance.

Shares of Hershey have fallen about 3% over the last six months.

On Thursday, shares of Hershey have risen 1.6% to $49.58 in late morning trading, as Kraft (KFT) inches up 0.1% to $31.54. Tootsie Roll Industries (TR - Get Report) is down 0.4% to $28.87.

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-- Written by Andrea Tse in New York.

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