Stock price when the opinion was issued
Down YOY, but has actually held up well during recent market uncertainty. 40% of revenue from EMs, which tend to have stronger long-term, secular growth. Cocoa prices spiked, and chocolate is 30% of its business, so they guided earnings down. Long-term outlook still attractive, expanding into adjacent categories.
Is a top food stock, despite selling a lot of chocolate (in the face of the weight-loss drugs). Pays a 3% dividend and is up 10% this year. The CEO has done a pretty good job.