UPDATE: Argus Downgrades Procter & Gamble (PG) to Hold
(updated to add analyst comment)
Argus downgraded Procter & Gamble (NYSE: PG) from Buy to Hold.
Analyst John Staszak comments "Although the company spun off its Beauty business to Coty in October 2016 and has pruned its product line over the last several years, organic growth has not improved to the extent we had expected. In addition, the company continues to lose market share amid fierce competition, and margin improvement has slowed. Based on the company's current challenges, we believe that PG shares are fairly valued at 17.7-times our FY18 EPS estimate. If organic growth accelerates to the extent we previously projected, we would consider returning the stock to our BUY list."
For an analyst ratings summary and ratings history on Procter & Gamble click here. For more ratings news on Procter & Gamble click here.
Shares of Procter & Gamble closed at $74.95 yesterday.