Credit Suisse Upgrades Colgate-Palmolive Company (CL) to Neutral
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Credit Suisse analyst Kaumil Gajrawala upgraded Colgate-Palmolive Company (NYSE: CL) from Underperform to Neutral with a price target of $80.00 (from $70.00).
The analyst comments "Increased investments position company well for future growth: Advertising grew 23% from 2018 to ~$2bn in 2020 (up 160bp to 11.8% of sales) supporting relaunches, premium innovation, and expansion into adjacencies. Company has also invested heavily in digital capabilities (including people), enabling it to execute better in e-commerce—were sales are up 50% in 4Q20 and now are double-digit percent of total company."
Shares of Colgate-Palmolive Company closed at $78.06 yesterday.
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