Jefferies Reiterates Buy on Procter & Gamble (PG) Following 1Q Report

October 26, 2016 8:44 AM EDT
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Price: $84.70 -0.27%

Rating Summary:
    10 Buy, 18 Hold, 3 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 23 | Down: 34 | New: 34
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Jefferies reiterated a Buy rating and $98.00 price target on Procter & Gamble (NYSE: PG) following the company's 1Q earnings report. PG reported revenues of $16.5B, in line with consensus. +3% org sales exceeded Street estimates of +2.4%, driven by a solid +3% volume growth.

Analyst Kevin Grundy commented, "P&G's 1Q showed further progress with better than expected org sales (3% vs. Street 2.4%) driving strong EPS upside ($1.03 vs. $0.98). Macros remain volatile and investment in FY17 will constrain EPS growth, though we continue to like the set-up here with room for P&G to re-rate as org sales growth returns to industry growth rates. Maintain $98 PT and FY17-19 EPS ests., though see conservatism in P&G's guide."

For an analyst ratings summary and ratings history on Procter & Gamble click here. For more ratings news on Procter & Gamble click here.

Shares of Procter & Gamble closed at $86.97 yesterday.

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