On August 5, Colgate-Palmolive rose 3.02% in regular trading, trading at $92.6/share, with turnover of $400 million. The rally was driven by multiple investment banks raising their price targets following the company's better-than-expected Q2 results.
On August 3, Morgan Stanley raised its price target on Colgate-Palmolive from $100 to $104, maintaining an Overweight rating, citing improving visibility for organic sales growth to sustainably return to the 3%-4% range in the second half and into next year. Jefferies also raised its target from $88 to $89 on the same day. The consensus mean price target stands at $99.47.
The upgrades follow Q2 results released on July 31, in which adjusted EPS came in at $0.99, beating the consensus estimate of $0.95 by 4.2%. Net sales rose 4.9% year-over-year to $5.36 billion. The company also updated its full-year non-GAAP EPS guidance to mid-single-digit growth from low-to-mid-single-digit growth previously, while maintaining its net sales growth outlook of 2%-6%.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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