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Procter & Gamble Co (NYSE:PG) shares suffered a steep stumble through the first four months of the year, but the second quarter saw some long-awaited relief.
Unfortunately, the recovery isn’t expected to last much longer.
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The Rating
Jefferies analyst Kevin Grundy downgraded Procter and Gamble to Hold and cut his price target from $83 to $79.
The Thesis
Grundy anticipates challenges to P&G’s market share and top line in 2019. As such, he cut his bottom-line estimate 6.5 percent.
“Our prior constructive thesis had been predicated on an inflection in organic sales,” the analyst wrote in a Monday note. “However, slowing market growth, EM [emerging market] volatility, US retail difficulties, the stronger USD, and pricing challenges should drive estimates lower again at P&G.”
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He deemed the stock’s current price “reasonable” and even noted potential for the 18 times price-to-earnings ratio to drop to 17.5 times.
Nonetheless, Jefferies recognizes the distant possibility of improvement. Efforts by activist investor Nelson Peltz, whose Trian holds a seat on the board, could drive strategic changes in the form of a segment sale, restructuring or major merger.
Price Action
Shares closed Monday down 1.8 percent at $77.86.
Related Links:
Argus Cites Disappointing Organic Growth In Procter & Gamble Downgrade
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Photo courtesy of Procter & Gamble.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.