UPDATE: Hilliard Lyons Downgrades Procter & Gamble to Neutral on Ongoing Business Sluggishness

Hilliard Lyons lowers its rating on Procter & Gamble

from Long-term Buy to Neutral. Hilliard Lyons comments, "Our downgrade is based on past, current, and projected sluggishness with PG's business. Macro and company specific factors have represented tough challenges for the company. Management lowered financial guidance at a recent investor presentation, leading us to reduce our earnings estimates yet again. While we consider PG to have an attractive dividend profile, we believe near-term capital appreciation potential is limited. We prefer to wait for better business conditions and a more favorable earnings outlook for purchase of PG shares." PG closed at $62.21 on Monday.