Credit Suisse said the sudden retirement of Hershey's President of International division, Bert Alfonso, is another sign of serious problems in China. The firm thinks there are more negative surprises to come in China following Q1 sales weakness of down 47% due to excess inventory in the channel and weak holiday sell-through. Credit Suisse believes the Shanghai Golden Monkey acquisition is off to a slow start and Hershey has yet to develop appropriate price points and packaging to leverage its distribution capability. Shares are Neutral rated with a $101 price target on shares.