Procter & Gamble (PG) PT Raised to $168 at Jefferies After Reporting a 7c Beat

April 21, 2021 8:27 AM EDT
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Price: $133.46 -0.8%

Rating Summary:
    13 Buy, 18 Hold, 2 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 19 | Down: 13 | New: 24
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Jefferies analyst Kevin Grundy raised the price target on Procter & Gamble (NYSE: PG) to $168.00 (from $167.00) after the company delivered a beat in 3Q, including. +4% org sales growth driven by +7%/+22% in US/China. A lower operating margin was offset by non-op items and a lower tax rate, resulting in 3Q EPS of $1.26 vs. $1.19 Street. FY21 EPS/organic sales guidance was maintained despite noting greater commodity / freight / FX pressures.

The analyst reiterated a Buy rating, stating "Our above consensus EPS ests. are little changed post PG's solid 3Q and reiterated FY21 guidance. Despite difficult C-19 comps/commodity concerns, P&G's flagship mkts remain very healthy (US/China +7%/22% in qtr), mkt share momentum continues (+40 bps YoY), and RGM tools (incl. pricing) should assuage mkt concerns re: P&G's EPS outlook. HPC/Bevs' group P/E still near 10+ yr low vs. S&P 500 w/ PG at ~22.5x well positioned to outperform."



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