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.

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