Truist Securities analysts downgraded The Procter & Gamble Company (NYSE:PG) shares to Hold from Buy.
The new price target is $155 per share, lowered by $10. The downgrade is mostly a valuation call as the analysts argue that the recent rally in stock reflects the ongoing turnaround efforts.
PG shares gained over 16% in 5 weeks from mid-March to mid-April when it hit an 11-month high.
“Additionally, we believe investors may be over reading the company’s strong F3Q23 results, believing that PG’s core consumer is largely unaffected by price increases taken over the past 18 months,” they said in a client note.
“To be clear, we believe PG as a company is operating at the highest level in the 20 years that we have covered the stock. We simply do not see the catalysts on the horizon to recommend new money to the name at current levels.”
PG shares are down 1% today.