Key Takeaways Jefferies analysts downgraded Hershey to underperform and lowered their price target.The firm said chocolate is trailing other snacks in volume growth and is being bought less frequently despite being the largest category in dollar sales.

The price disparity between salty snacks and chocolate is resulting in a shift in consumer spending, which is being exacerbated by consumers’ increasing caution with their spending on food and a generational shift to non-chocolate confections.

Shares of Hershey Co. HSY slumped 0.25% to $190.52 Thursday, on what proved to be an all-around great trading session for the stock market, with the S&P 500 Index SPX rising 0.40% to 5,745.37 and the Dow Jones Industrial Average DJIA rising 0.