UPDATE: J.P. Morgan Reiterates Overweight Rating, Raises PT on The Procter & Gamble Company

In a report published Monday, J.P. Morgan reiterated its Overweight rating on The Procter & Gamble Company (NYSE: PG), and raised its price target from $72.00 to $80.00.J.P. Morgan noted, “We rate Procter Overweight. In our view, PG has gained more conviction on ongoing cost savings, as evidenced by its recent revelation about a $10 billion cost saving opportunity, which should drive much needed operating margin expansion for the first time in years. We think the stock's valuation relative to peers should move up as the company's efforts to contain costs and gain share start bearing fruit.”The Procter & Gamble Company closed on Friday at $73.25.