UBS analyst Steven Strycula downgraded Hershey (HSY) to Sell from Neutral and cut his price target for the shares to $90 from $106. The stock closed yesterday up 51c to $99.36. Hershey's portfolio is over-exposed to slowing category consumption, intensifying competition, and rising cocoa prices, Strycula tells investors in a research note. The analyst notes that his firm's research indicates reduced purchase frequency for everyday chocolate as preferences shift consumption to healthier snack alternatives and online purchases. These "longer-tailed trends" carry negative margin mix and potential distribution losses for Hershey, he writes. Further, Strycula sees risk of Hershey losing U.S. share as Mars ramps production capacity, Ferrero revitalizes Nestle's legacy U.S. portfolio and Mondelez (MDLZ) accelerates its entry into U.S. chocolate.