Hershey down after annual forecast trim, Q3 results miss
** Shares of Hershey HSY.N down as much as 2% to $173.10
** Trims annual revenue and profit forecasts after Q3 results miss on high price-driven demand decline for its confectionery and salty snacks
** Co expects annual net sales growth to be flat, vs. prior estimate of ~2%, and a mid-single digits annual EPS decline, vs. previous slight decline forecast
** Co posts Q3 net sales of $3 billion, missing analysts' average estimate of $3.08 billion
** Brokerage Jefferies says, as expected, budget-conscious consumers, drug and convenience store pressure, softer retailer inventory replenishment, and competition have created challenges
** Two of 26 brokerages rate the stock "buy" or higher, 19 "hold" and five "sell" or lower; with a median PT of $196
** Up to Wednesday's close, stock has fallen ~5% YTD
Reporting by Neil J Kanatt in Bengaluru
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