Oracle Investment Research Downgrades Procter & Gamble (PG) to Sell folllowing Q1; Little Progress

Oracle Investment Research downgraded Procter & Gamble (NYSE: PG) from Neutral to Sell with a price target of $64.00 following Q1 results.

Analyst Laurence Balter comments, "PG reported and we still don't see progress. In fact, we see the opposite. Sure, gross margins are a bit better (+30bps), but the share could is up 1.7 million shares from last quarter (shares could should have dropped by 38 million). Why did they bother to spend $2.5B on a stock repurchase? Total debt is UP by $2.5B, and pension in underfunded by $5.5 up another +$1.3B. This continues to look like a slow train wreck to us, and we hope (and urge) Ackman to raise the temperature in the board room."

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 $70.07 yesterday.

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