If you think chocolate prices this Valentine's Day were more expensive than usual, it's not you.
Year to date, futures contracts are up nearly 27%, with cocoa prices rising in six of the past seven weeks.
Here's a breakdown of what's driving cocoa prices higher and how it impacts the investment case around two major chocolate stocks.
Doshi thinks cocoa prices could sell off about 20%, taking them to around $4,500 to $4,800 per ton.
In an interview with CNBC last week, he underscored the rising cocoa price outlook as the key driver for his lower rating.
Persons:
Humza Hussain, El, Aakash Doshi, Doshi, Bernstein, Bruno Monteyne, … There's, Mondelez, Alexia Howard, Hershey, Michele Buck, Bernstein's Howard, Howard, I'd, Bryan Spillane, Morgan Stanley, Pamela Kaufman, Bank of America's Spillane
Organizations:
Asset Management, CNBC, Hershey, Citi, 2H, Street, Bank of America, Bank of, Cadbury
Locations:
Mondelez, El Niño, Ghana, Ivory, Nigeria, Europe