UPDATE: Credit Suisse Upgrades Procter & Gamble (PG) to Outperform

(Updated - December 4, 2014 10:21 AM EST)

Credit Suisse upgraded Procter & Gamble (NYSE: PG) from Neutral to Outperform with a price target of $105.00. Analyst Michael Steib thinks the stock could hit $120 per share in two years.

"PG is becoming a more focused company and we think this should result in better operating results – despite near term headwinds such as FX, commodities and poor category growth still overshadowing underlying progress. We think that current consensus reflects these challenges, yet none of the potential upside should some of these headwinds reverse. Equally, we think the company is making impressive progress in improving its operations. We upgrade our rating to Outperform, raise our 12-month PT to $105 and show a roadmap to a $120 share price two years from now based on above-consensus estimates," said Steib.

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 $90.00 yesterday.

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