Procter & Gamble (PG): Cutting PT After Analyst Day On FX - Jefferies

Jefferies analyst, Kevin Grundy, reiterated his Buy rating on shares of Procter & Gamble (NYSE: PG) after the co.'s analyst day where mgmt reiterated its LT growth expectations and underscored its emphasis on balanced top/bottom line growth.

The analyst stated "recent USD strength may pressure results but we view FY17 guidance as sufficiently conservative. YTD trends are solid and we like the set-up with room to re-rate as org sales growth improves."

The price target drops to $93 on FX and a lower group multiple, not a change in company fundamentals.

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 $82.00 yesterday.

You May Also Be Interested In

• Taiwan Semiconductor Manufacturing Co. Ltd. (2330:TT) (TSM) PT Raised to NT$3,400 at UBS
• Berenberg Reiterates Buy on CTP NV (CTPNV:NA) at Buy
• Kepler Cheuvreux Downgrades Amadeus IT Group SA (AMS:SM) (AMADY) to Reduce