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Why This Procter & Gamble Analyst Is Turning Bullish After Shares Down For Past Year

Published 03/03/2023, 16:50
Updated 03/03/2023, 18:10
© Reuters.  Why This Procter & Gamble Analyst Is Turning Bullish After Shares Down For Past Year

Benzinga - Shares of Procter & Gamble Co (NYSE: PG) have lost more than 7% year to date.

The company is poised to return to compounding earnings ahead, according to JPMorgan.

The Procter & Gamble Analyst: Andrea Teixeira upgraded the rating for Procter & Gamble from Neutral to Overweight, while raising the price target from $150 to $155.

The Procter & Gamble Thesis: The consensus estimates for the back half of 2023 and first half of 2023 appear too low, Teixeira said in the upgrade note.

Check out other analyst stock ratings.

“Capacity constraints in key divisions including Fabric Care and Feminine Care will abate this calendar year, allowing PG to build on its share growth momentum and also invest more merchandising in these categories,” the analyst wrote.

“Pricing benefit continues to build, albeit comparisons get tougher ahead,” Teixeira stated. “We expect performance in Asia to accelerate to MSD in the back-end of 2023, positively impacting FY24,” she added.

PG Price Action: Shares of Procter & Gamble had risen by 0.35% to $140.37 at the time of publication Friday.

Photo: Proctor & Gamble Co

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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