Procter & Gamble downgraded to Neutral from Overweight at JPMorgan

JPMorgan downgraded Procter & Gamble to Neutral from Overweight with a price target of $170, down from $178. The firm expects the company to report “another lackluster quarter” and normalization of category growth. Lower income consumers in developing markets are more cautious, and Procter is more dependent on those markets relative to emerging markets, the analyst tells investors in a research note. As such, JPMorgan believes the company’s lower growth pace will persist in the medium term.