Hershey shares will soon revisit their 2014 highs because the candy company is grabbing market share in the rapidly expanding confectionery category, says Alec Patterson, senior consumer staples products analyst at AllianzGI. Patterson says Monster Beverage is similarly snapping up share and shelf space in the fast growing energy drink category, making it an attractive acquisition for the soda giants. Finally, Patterson is bullish on shares of consumer products giant Colgate-Palmolive primarily because of its domination of emerging markets, most notably in Latin America. Patterson says worries about Colgate's valuation are overblown considering its growth and profitability.

More from Video

KPMG Chair & CEO: There's No One-Size-Fits All Approach to Diversity

KPMG Chair & CEO: There's No One-Size-Fits All Approach to Diversity

Best Buy's Billionaire Founder: We Were 'Late to the Game' in Online Shopping

Best Buy's Billionaire Founder: We Were 'Late to the Game' in Online Shopping

Jim Cramer: Intuit Had a Fantastic Quarter

Jim Cramer: Intuit Had a Fantastic Quarter

Jim Cramer on Foot Locker's Earnings: Nike Is a Buy

Jim Cramer on Foot Locker's Earnings: Nike Is a Buy

Jim Cramer: The 10-Year Yield Could Go to 2.75%

Jim Cramer: The 10-Year Yield Could Go to 2.75%