J.P. Morgan Announces HSY Immediate Price Increases

J.P. Morgan has reported that Hershey HSY will increase prices by 10% immediately. According to the report, "Overweight-rated Hershey last night announced significant price increases and reiterated its 2011 outlook. Effective immediately, the company will increase list prices by ~10%. Given the elasticity effect, we expect volume levels to decline over the next 9-12 months." HSY has an Overweight Rating and closed yesterday at $54.69.