The investment bank cut its price target by 5% but thinks declining inflation and strong pricing power will still help lift shares in the year ahead.
Colgate-Palmolive has more upside ahead than downside, according to Stifel. The investment bank upgraded the multinational household products maker to buy from hold in a Sunday earnings preview, although it trimmed its price target 5% to $81 from $85. Still, the new forecast implies roughly 14% upside from Friday's $70.95 close. Colgate-Palmolive stock has slipped nearly 10% since the start of the year. Third quarter results are due on Oct.
"Pet nutrition contributed 234bps, or ~29% to growth in 2Q23...Management remains optimistic on the long-term runway for growth due to the brand's science-based market positioning and improving yet low brand awareness." Meanwhile, less inflation "and ongoing benefits from pricing and productivity should contribute to greater sequential gross margin expansion in 3Q23, and to EBIT/EPS growth.
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