Procter & Gamble's Stock Gains After Analyst Turns Bullish
Shares of Procter & Gamble Co. rose 0.5% in premarket trade Monday, after B. Riley analyst Linda Bolton Weiser upgraded the consumer products giant to buy from neutral, citing expectations that growth will begin accelerating in the coming months. The rally puts the stock on track to open at the highest level since Jan. 26. Weiser raised her stock price target to $105, which is 21% above Friday's closing price of $87.04, from $74, which was 15% below. "We met with CEO David Taylor and came away with greater confidence in improved organic sales growth," Weiser wrote in a note to clients. She thinks P&G is on track for organic sales growth of over 3%, while she said she believes expectations are for 0% to 2% growth. She recommends investors buy the stock ahead of P&G's next quarterly report in late October. The stock had run up 9.6% year to date through Friday, while the Dow Jones Industrial Average had climbed 6.6%.
Copyright © 2016 MarketWatch, Inc.