Kimberly-Clark (KMB) Gets A Boost From Citigroup Upgrade

September 9, 2008 11:50 AM EDT

Shares of Kimberly-Clark Corp. (NYSE: KMB) are up 3% today, getting a boost after Citigroup gave clients the green light to buy the stock.

Today, Citigroup upgraded Kimberly-Clark from Hold to Buy and raised its price target from $60 to $71. This is the first time Citigroup has recommended KMB since they downgraded the stock from Buy to Hold on February 14, 2005, when the stock was at $68.15.

Citigroup noted that since Kimberly-Clark warned on July 14th almost everything has turned sharply: Oil prices are down 30%, natural gas is down more than 40%, pulp prices are down 3%-5%. This as Kimberly-Clark's prices are rising. Citigroup said Kimberly-Clark is one of the biggest beneficiaries from falling materials and energy prices.

Citigroup also notes that while the rising dollar could be a big drag on a number of companies, Kimberly-Clark gets just 30% of earnings from outside North America.

Kimberly-Clark Corporation engages in the manufacture and marketing of health and hygiene products worldwide. It operates in four segments: Personal Care, Consumer Tissue, K-C Professional & Other, and Health Care.

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