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Financial institution of America is bullish on Procter & Gamble (NYSE:PG) regardless of EPS steerage from the family merchandise vendor that got here in on the low finish of the anticipated vary.
Constructive developments for P&G that instill confidence for BofA that FY23 targets will be met are that quantity is holding and extra working revenue development is predicted for FQ2 and FQ3.
Regardless of robust gross sales comparables and a higher damaging FX headwind, BofA nonetheless sees a extra favorable second-half 2023 setting as PG advantages from a sturdy pipeline of financial savings initiatives. An improved provide state of affairs can also be anticipated to assist P&G administration mitigate the chaotic macro and put the corporate in a great place to learn from any abatement in FX and commodity charges that materialize in FY23.
BofA saved a Purchase score on P&G and worth goal of $170 after taking within the earnings report and convention name replace.
Learn a breakdown of P&G’s current earnings report.
Shares of P&G have proven a barely decrease loss than the S&P 500 Index in 2022, however the inventory has trailed shopper staples shares typically.
See why Searching for Alpha writer The Worth Pendulum recommends shares of PG.
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