Wells Fargo lowered the firm’s price target on Procter & Gamble to $175 from $185 and keeps an Overweight rating on the shares. The firm says that they are hearing phrases like “is PG broken” or “is something wrong?” But share trends aren’t that different vs recent quarters when organic sales growth was much higher. Categories have simply slowed, and costs are up, Wells notes, adding that a reset is needed.
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