UPDATE: Jefferies Downgrades Procter & Gamble (PG) to Hold 'as Bull Thesis Wanes'
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(Updated - July 9, 2018 6:28 AM EDT)
(updated to add analyst comment)
Jefferies downgraded Procter & Gamble (NYSE: PG) from Buy to Hold with a price target of $79.00 (from $83.00).
Analyst Kevin Grundy comments "Our prior constructive thesis had been predicated on an inflection in org sales; however, slowing market growth, EM volatility, US retail difficulties, the stronger USD, & pricing challenges should drive estimates lower again at P&G. Activist/strategic considerations remain, yet - at 18x P/E (5% prem. to staples peers) - we see scope for P&G's multiple to de-rate."
Shares of Procter & Gamble closed at $79.31 yesterday.
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