UPDATE: Citigroup Reiterates Buy Rating, Raises PT on Procter & Gamble Company

In a report published Friday, Citigroup reiterated its Buy rating on Procter & Gamble Company PG, and raised its price target from $75.00 to $80.00. Citigroup noted, “PG did what it needed to do today, namely delivering the organic sales growth it said it would, and moreover posting both healthy gross and operating margin expansion. In doing so, the contribution from non-operating items to EPS growth was less of a focus than it has been in the past, fortunately. And, we thought PG refocused its conversation from a reactive (or defensive) stance to a more proactive (and confident) one. Above all, we were encouraged to hear the company talk about its focus on delivering more balanced growth—and actually deliver a quarter that reflected that strategy. We think folks have heard PG talk a lot about its strategy for a while—now we are in execution mode, and it was great to see PG finally deliver.” Procter & Gamble Company closed on Thursday at $70.37.