This stock is up 12,000%—and one strategist says there's more room to run

It’s been three sweet decades for Hershey

Break me off a piece of that stock — or so says one strategist regarding chocolate manufacturing giant Hershey's.

Hershey's opened slightly higher Wednesday after the stock was pummeled Tuesday, dropping nearly 11 percent by the market's close after international confectionery manufacturer Mondelez said talks of a takeover bid of Hershey's had ended. But Eddy Elfenbein, editor of the Crossing Wall Street blog, said Tuesday on "Trading Nation " that he's bullish on the company he said has a historically strong record.

"This is a 'set-and-forget' stock; you never want to bet against chocolate," Elfenbein said, calling Hershey's a company that an investor could "put in the corner of your portfolio, and forget you have it."

Hershey's stock has risen over 12,000 percent since its initial public offering in 1978, eclipsing the return of the .

It also happens to boast a dividend yield of about 2.5 percent.

"Traders looking for a big pop in it, with a buyout announcement or something like that, all the legal issues, involving the trust; that's not going to happen," Elfenbein said, referring to legal controversies surrounding the Hershey Trust, founded by company founder Milton Hershey to fund a school for underprivileged children, which has drawn scrutiny over an investigation into the charitable trust's board.

But following Tuesday's fall, some may believe the company's historical growth is not a good enough reason to buy it in the here and now.

"There's good support at around $95," Ari Wald, technical analyst at Oppenheimer, said Tuesday on "Trading Nation."

"I would say that there is a bit of a lack of direction in the trend here. It's a bit sloppy; I think it's going to probably knock around here over the next few months, so I guess from a trading perspective, I'd say that there are better opportunities elsewhere right here," he said.

Wald called the stock "too late to sell" after the decline, though he would not call Hershey's trend entirely "broken" after Tuesday's movement.

"I always say, investing is too difficult to buy these kind of neutral trends," he said.

Hershey's had sought a sale of $125 per share from Mondelez, as compared to the $115 offered, Dow Jones reported. According to FactSet estimates, the company's target price per analysts is $104.57, and the FactSet analyst consensus is a "hold" rating.

But Elfenbein deems this a sweet buy in the long run.

"I mean, it's done so well for so long. I think it's raised its dividend every year over the last 30 or 40 years but one. This is as good as they get," he said.