Procter & Gamble: Jefferies cuts its target price

(CercleFinance.com) - Jefferies confirms its "buy" rating on Procter & Gamble, although has cut its target price for the share from 90 dollars to 83 dollars, in the wake of 2019-20 EPS estimates that have been cut by 1.
5%-3% after a difficult third quarter for the group.

"The retail environment is challenging, innovation lacking, pricing constrained, and productivity inadequate," the broker judges, for whom "the pace of change needs to accelerate".

However, Jefferies sees progress at P&G reflected in organic growth in sales and earnings since the beginning of the year. It also believes that "headwinds should abate" and that the “shares look washed out" at 16.5x P/E.


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