NEW YORK (TheStreet) -- Hershey's (HSY) - Get Report stock earnings estimates were raised to $4.30 from $4.24 for 2016 and to $4.62 from $4.60 for 2017 at Credit Suisse after the company reported better-than-expected results for the 2016 second quarter.
The firm also raised the Hershey, PA-based chocolate manufacturer's price target to $112 from $110 and has a "neutral" rating on the stock.
Before Thursday's opening bell, Hershey reported earnings of 85 cents per share on revenues of $1.64 billion, exceeding analysts' expectations of 78 cents per share on revenues of $1.61 billion.
Credit Suisse attributes the second quarter beat to "a bigger than expected pull-forward of sales into 2Q from 3Q due to merchandising timing."
In June, Mondelez (MDLZ) made a $23 billion offer to purchase Hershey, which was unanimously rejected by Hershey's board of directors.
Credit Suisse thinks this is a positive for the company, as "management will act with a greater sense of urgency to demonstrate its rationale for remaining an independent entity rather than accept the Mondelez bid."
Shares of Hershey are down by 0.82% to $110.44 in early-afternoon trading.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
We rate HERSHEY CO as a Buy with a ratings score of B. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its good cash flow from operations, expanding profit margins, notable return on equity and solid stock price performance. We feel its strengths outweigh the fact that the company has had sub par growth in net income.
You can view the full analysis from the report here: HSY