UPDATE: Bank of America Downgrades Colgate-Palmolive Company to Neutral on Valuation

Bank of America downgraded Colgate-Palmolive Company

from Buy to Neutral and raised the price objective from $115.00 to $119.00. Bank of America noted, "CL is +5% since the announcement of a 32% bolivar devaluation, which CL subsequently said would drive a 20-28c p/s drag to 2013 EPS. CL's performance makes it one of the top Staples stocks over that time frame, and has resulted in 1.5 turns of P/E expansion. We still see CL as one of the top long-term growth stories in large cap HPC, based on high, margin-accretive exposure to fast-growth emerging markets oral care categories. Near-term however, CL has a difficult organic sales growth hurdle to overcome, and valuation is near the top of the peer set at 20.2x our 2013 EPS est." Colgate-Palmolive Company closed at $114.01 on Monday.