Procter & Gamble (PG) PT Raised to $148 at Jefferies Ahead of Earnings

Jefferies analyst Kevin Grundy raised the price target on Procter & Gamble (NYSE: PG) to $148.00 (from $140.00) on the belief that the company offers a good set-up into 4Q results on 7/30.

The analyst believes strong demand in the US, the restoration of retailer inventories, and recovery in China should drive upside to Street consensus. He maintained a Buy rating, stating "We see
potential upside to our above consensus ~+4% org sales growth est. for P&G in 4Q (vs. Street ~2% P&G's -2% to +2% guide) given: i) US: Continued strength in the co.'s flagship US market (> 50% of profits) as we f-cast +8%/+9% org sales for 4Q/2H (vs. +6%/+13% Nielsen channels) on strong demand and retailer inventory replenishment; ii) China: Strong rebound in P&G's second largest mkt (~10% of profits) as we f-cast +7% (vs. -8%/+13% in 3Q/1H), which mgmt. indicated in June has been restored to "historical growth rates or better"."

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