Citi upgraded Hershey Co (NYSE:HSY) to "Neutral" given a more balanced risk-reward profile following the company's 2025 earnings guidance but lowered its price target to $154 from $159, adjusting for persistently high cocoa prices and a cautious pricing strategy.

What Happened? Shares of chocolate company Hershey (NYSE:HSY) jumped 6.9% in the pre-market session after the company reported strong fourth-quarter results, which blew past analysts' gross margin and organic revenue estimates.

Hershey outperformed expectations on both the top and the bottom line. It generated nearly $2.9 billion in net sales, which was up almost 9% year over year. And it had net income of nearly $800 million,