** Brokerage Jefferies sees the global cocoa shortage and price rises persisting, says recovery of West African production is "the critical component" in supply revival
** Also sees surging cocoa futures harming profits of chocolate makers including Mondelez International MDLZ.O and Hershey HSY.N
** Downgrades to MDLZ to "hold" from "buy", cuts PT to $62 from $75; says profits to remain "capped" for the next few years on cocoa costs, impacting the company's growth
** Brokerage sees relatively higher risk for HSY, as it is more dependent on cocoa, and notes reduced room to increase prices further to offset the possible sustained increase in costs; cuts PT to $134 from $150
** MDLZ and HSY are set to report Q4 results on Feb. 4 and Feb. 6, respectively
** In 2024, MDLZ and HSY fell ~17% and 9%, respectively
(Reporting by Neil J Kanatt in Bengaluru)
((Neil.JKanatt@thomsonreuters.com;))
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