Procter & Gamble (PG) PT Raised to $99 at Jefferies Following 2Q Beat

Jefferies raised its price target on Procter & Gamble (NYSE: PG) to $99.00 (from $95.00) while maintaining a Buy rating following the company's 2Q report. 2Q revs of $16.9B were modestly ahead of Street, though importantly +2% org sales beat Consensus est. of +1.2%, driven by +2% volume growth, resulting in a $0.02 EPS beat over the Street's $1.06 estimate.

Analyst Kevin Grundy commented, "P&G delivered a strong 2Q beat, raising its core sales growth (now 2-3%, up from 2%) and implied FX-neutral EPS growth guidance. The co. is delivering ahead of expectations in a difficult env't, which should continue to restore investor confidence as P&G returns to industry growth rates. Little change to our EPS est. (cost-cutting, offset by FX), though see estimate achievability as high. Buy, PT to $99."

You May Also Be Interested In

• Morgan Stanley Upgrades Telecom Argentina (TEO) to Overweight
• X-Energy Inc (XE) PT Lowered to $22 at Jefferies
• AmerX Starts WidePoint Corp (WYY) at Buy