As consumer staples stocks reach for new highs, some laggards are being eyed by analysts as "catch up" plays.
The S&P consumer staples sector was at an all-time high Wednesday morning, and the defensive group has been rising even as the S&P 500 sets record highs.
One stock analysts are watching is Hershey, which is down around 1 percent this year. The chocolate maker missed Wall Street's earnings estimates and lowered its 2014 forecast in its third quarter earnings, citing higher dairy prices and mixed international sales growth.
With Hershey stock now sitting 11 percent off their recent high, Athlos Research's Jonathan Feeney says the stock's growth prospects are bright.
"I really like Hershey going into next year," Feeney said. "I like that the price is coming up significantly and the industry showed some discipline, and while the valuation is still a little bit above historical average, it's well off its highs."