Bank of America Securities analyst Peter Galbo reiterated a Buy rating on Colgate-Palmolive today and set a price target of $98.00.
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Peter Galbo has given his Buy rating due to a combination of factors including Colgate-Palmolive’s solid financial performance and strategic initiatives. The company’s second-quarter organic sales growth of 1.8% met expectations, and its margins exceeded forecasts, driven by improved gross margins and reduced advertising expenses. Additionally, the adjusted earnings per share surpassed both the firm’s and the street’s estimates, highlighting the company’s operational efficiency.
Furthermore, Colgate-Palmolive’s announcement of a three-year productivity program aimed at enhancing supply chain efficiency and supporting strategic goals adds to the positive outlook. Despite maintaining its earnings per share forecast, the company has updated its financial outlook with expectations of low single-digit net sales growth and a reduced foreign exchange headwind. These factors, combined with a strategic focus on innovation and omni-channel efforts, underpin Galbo’s confidence in the stock’s potential, justifying the Buy rating with a price objective of $98.
In another report released yesterday, Morgan Stanley also maintained a Buy rating on the stock with a $96.00 price target.