Jefferies analyst Kevin Grundy reiterated a Buy rating and $98 price target on Procter & Gamble (NYSE: PG) following Q4 results.

Grundy commented, "P&G's 4Q showed further progress with better than expected org sales (2% vs. Street 1.4%) driving strong EPS upside ($0.79 vs. $0.74). Macros remain volatile and investment in FY17 will constrain EPS growth, though we continue to like the set-up here with room for P&G to re-rate as org sales growth returns to industry growth rates. Trimming FY17-18 EPS by c. 3% on higher spend, though ample scope for est. to move-up. PT to $98."

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Shares of Procter & Gamble closed at $86.76 yesterday.