Procter & Gamble price target lowered to $142 from $156 at TD Cowen

TD Cowen lowered the firm’s price target on Procter & Gamble to $142 from $156 and keeps a Hold rating on the shares. The firm reduced estimates in the household and personal care space, saying the companies will be unable to fully mitigate higher oil-related input costs stemming from the Iran war. Even if the conflict ends soon, the price increases “will prove sticky due to infrastructure damage,” the analyst tells investors in a research note. TD cites declining pricing power relative to history and less opportunity to trade up consumers to super-premium products for the target cuts.