UPDATE: Canaccord Genuity Upgraded Colgate- Palmolive and Raised PT

In a report published Friday, Canaccord Genuity analyst Eddy Hargreaves upgraded Colgate- Palmolive Company CL to Sell Hold and raised the PT from $52 to $58 after “impressive” Q3 results. Canaccord noted the emerging market pressure in which Colgate dominated this quarter. Hargreaves specifically compares Colgate and Unilever where Unilever reported organic sales in EM of 5.9% compared with a 10.3% H1 growth. The analyst wrote, “Colgate's emerging market growth of 9.5% in Q3 followed 9.5% in Q1 and 8.5% in Q2. Group organic sales growth of 6.0% (5.0% volume, 1.0% price) was in line with expectations.” Growth in Latin America of 9.5% exceeded Hargreave's expectations, compared to sluggish growth in North America of 1.5%. The Science Diet re-launch and Ideal Balance Launch is also notably seeing traction. Colgate- Palmolive has 45% of global shares in toothpaste, 33% in manual toothbrush and 17% in mouthwash. Colgate- Palmolive closed at $63.04 on Wednesday.