UBS Cuts Price Target on Procter & Gamble (PG) to $94 Following Analyst day
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Rating Summary:
17 Buy, 19 Hold, 1 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 12 | Down: 10 | New: 14
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UBS maintained a Buy rating on Procter & Gamble (NYSE: PG), and cut the price target to $94.00 (from $97.00), following the company's analyst day. In US Laundry, PG expects competition to continue/intensify, though it believes it will be focused on branding/innovation. Meanwhile, in China Diapers, PG is making steady progress and plans to fill in its super-premium portfolio gaps within the next 12 months.
Analyst Stephen Powers commented, "On Friday, we attended PG's biennial analyst day, where PG indicated that it is on track with its previously-communicated multi-year strategy of more significantly reinvesting productivity savings (in innovation, media reach, sampling, sales coverage, and price adjustments) to drive the top line, while realigning its organization/culture to improve speed/responsiveness. Some of the most important takeaways from the event came from our conversations with GBU/SMO heads, who have seemingly been granted more freedom over (1) how/where their groups' reinvestments are deployed, and (2) how they reward/penalize team outperformance/underperformance—changes that should encourage greater consistency of performance and marketplace agility vs. prior years."
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 $82.00 yesterday.
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