UPDATE: Citi Downgrades Procter & Gamble (PG) to Neutral
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Citi analyst Wendy Nicholson downgraded Procter & Gamble (NYSE: PG) from Buy to Neutral with a price target of $150.00 (from $165.00).
The analyst comments "Commodity Inflation, Emerging Markets & Tough Comps — (i) Commodity inflation is rough, which will pressure results until pricing takes hold, (ii) some emerging markets look to be getting worse before they get better, for which there is a general lack of visibility into recovery, and (iii) comps are tough (which we knew), but combined with these two headwinds and less favorable FX could limit upside to guidance in fiscal 4Q21 and put a damper on the FY22 outlook."
Shares of Procter & Gamble closed at $137.75 yesterday.
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