Benzinga - by Priya Nigam, Benzinga Staff Writer.
Shares of Colgate-Palmolive Company (NYSE: CL) have been in focus after a new study revealed that CBD, a cannabis compound, was safe for managing acute dental pain.
The company is now likely to generate 4.5% year-on-year organic sales growth in fiscal 2024, versus earlier expectations of 3.6%, according to BofA Securities.
The Colgate-Palmolive Analyst: Bryan Spillane upgraded the rating for Colgate-Palmolive from Neutral to Buy, while raising the price target from $75 to $90.
The Colgate-Palmolive Thesis: The company could generate growth higher than its long-term targets over the next 12 months, which would be a catalyst for its stock, Spillane said in the upgrade note.
Check out other analyst stock ratings.
The analyst listed the key drivers for fiscal 2024 sales and earnings upside as:
- “US volume and markets share turning positive driven by growth in non-measured channels, marketing and merchandising investments, new products and easier comparisons.”
- Growth in emerging markets being above average, “helped by continued pricing in Latin America, strong growth in India and broad market share improvement in oral care.”
- “Margin expansion as price continues to keep up with costs, pet acquisition built in the base.”
Image: Shutterstock
Latest Ratings for CL
| Feb 2022 | Bernstein | Upgrades | Underperform | Market Perform |
| Jan 2022 | Credit Suisse | Maintains | Outperform | |
| Jan 2022 | Morgan Stanley | Maintains | Equal-Weight |
View the Latest Analyst Ratings
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.