Piper Jaffray analyst Michael Lavery last night downgraded Hershey (HSY) to Underweight from Neutral while raising his price target for the shares to $125 from $122. Hershey has a U.S.-centric portfolio with generally stable sales and earnings growth, but the valuation at current share levels "now looks inconsistent with consensus expectations," Lavery tells investors in a research note. The stock trades at a "historically high premium" relative to U.S. consumer peers, despite consensus earnings growth expectations that are more in-line with peers, contends the analyst. He points out that Hershey shares trade at a 70% premium to Kellogg (K) even though Hershey's consensus earnings growth outlook is in-line with Kellogg's.