Mar 3, 2023

March 3, 2023 - Advertisement - Now is the time to buy Procter & Gamble, which sees the company’s recent poor performance as “unjustified,” according to UBS. Analyst Peter Thunder upgraded Procter’s stock to $163 from $157 before the buy. The new outlook suggests 18% upside from Tuesday’s closing price. “P&G stocks performed the worst of any of our [home and personal care] year-to-date coverage, partly due to the weakening of the group, but also concerns about P&G’s ability to generate significant earnings-per-share growth / positive developments going forward,” Grom wrote in a note on Tuesday. “We are considering concerns about the latter. as irrelevant and believe that FY24 earnings are expected to change on the horizon,” he said. The analyst also noted that Procter shares are trading slightly below their five-year average valuation, making “risk/reward at current levels attractive.” Grom added that a return to stock gains, premiumization and a reopening in China lead to organic revenue growth estimates of nearly 5% in 2024. while we believe this has been a key reason for P&G’s lagging YTD, we see upside potential in FY24 consensus forecasts,” Grom said. P&G stock is down more than 9% in 2023, while the S&P 500 is up 3.4% in that time. added 1.4% in premarket on Wednesday. — Michael Bloom of CNBC Credit: www.cnbc.com /