Jefferies Reiterates Buy on Procter & Gamble (PG) Following 1Q Report
Jefferies reiterated a Buy rating and $98.00 price target on Procter & Gamble (NYSE: PG) following the company's 1Q earnings report. PG reported revenues of $16.5B, in line with consensus. +3% org sales exceeded Street estimates of +2.4%, driven by a solid +3% volume growth.
Analyst Kevin Grundy commented, "P&G's 1Q showed further progress with better than expected org sales (3% vs. Street 2.4%) driving strong EPS upside ($1.03 vs. $0.98). 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. Maintain $98 PT and FY17-19 EPS ests., though see conservatism in P&G's guide."
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Shares of Procter & Gamble closed at $86.97 yesterday.