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Oppenheimer Downgrades P&G (PG) Following Mixed Q3 Results

April 30, 2012 8:57 AM EDT
Get Alerts PG Hot Sheet
Price: $162.61 --0%

Rating Summary:
    17 Buy, 19 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 9 | Down: 8 | New: 10
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Shares of Procter & Gamble (NYSE: PG) are moving lower in pre-market action Monday following a downgrade from Oppenheimer's Joseph Altobello.

The analyst now rates the stock a Perform, down from Outperform previously. Altobello suspended his $75 price target. Altobello said he is concerned with P&G following "another mixed quarter" on Friday. Procter shares fell more than 3.5 percent following the results.

The Oppenheimer analyst warned P&G could "remain growth-challenged for some time" as Altobello is beginning to view the company's issues as more structural than he had originally believed. He is no longer modeling for a stronger second half of this year.

P&G shares last traded at $64.23, down about 0.3 percent from Friday's close.

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


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