Nantucket Day 1 Recap

研报英文原文证据摘录

Nantucket Day 1 Recap

USA | Food EquityJuneResearch16, 2026

Today we heard from HSY, JJSF, and VITL. HSY is leaning into premium

innovation and tentpole activations, though SNAP waivers remain a headwind.

JJSF's Project Apollo continues to deliver savings while its experiential

product positioning provides insulation in a challenging consumer backdrop.

Meanwhile, VITL is working through an egg oversupply by narrowing price gaps

and shifting marketing to drive trial.

Hershey (HSY), HOLD, PT $199. Mgmt was constructive on the category, noting confectionery

trends remain strong and feels well positioned heading into the summer with tentpole activations

including America 250 and a major Thanksgiving movie launch bringing nostalgic packaging,

new gifting items, and in-store merchandising support. While mgmt is seeing a 3-5% category

headwind in SNAP waiver vs. non-waiver states, they noted the gap narrowed meaningfully during

key seasonal moments like Easter. Confidence is underpinned by a more favorable cocoa backdrop,

with new supply origins and demand destruction improving visibility into deflation. While prices

remain above historical levels the team is hedging 10-24 months out and plans to reinvest the

benefit into areas like premium innovation and health and wellness where there is a natural pricing

tailwind. On innovation, mgmt is leaning into accessible premium with more launches planned for

next year, and sees salty snacking as a complementary growth vector with the majority of growth

coming from better-for-you and permissible brands.

J&J Snack Foods (JJSF), HOLD, PT $83. Mgmt acknowledged recent topline softness, particularly

in retail where consumer pullback has been more pronounced, but expects the SKU rat headwind

to largely cycle by YE.