Procter & Gamble price target raised to $170 from $167 at BofA

BofA analyst Peter Galbo raised the firm’s price target on Procter & Gamble to $170 from $167 and keeps a Buy rating on the shares. The firm cites strong Q3 organic sales, timing noise aside. Procter & Gamble noted progress across most categories and regions and highlighted that “true” underlying sales, stripping out transitory noise, are trending closer to 2% with a positive trajectory over the past two months. This should continue going forward and should support company strategy of innovation and incremental reinvestment to drive improvement, BofA adds.