Raymond James analyst Olivia Tong raised the firm’s price target on Colgate-Palmolive to $95 from $91 and keeps an Outperform rating on the shares. Chairman, President and CEO Noel Wallace and Chief Analytics & Insights Officer Diana Schildhouse focused on the company’s improved discipline at CAGNY, including more substantial innovation across its categories and price points and reiterated their 2024 outlook of 3%-5% organic sales growth, with balanced contribution from volume and pricing, expanding gross margin, increased advertising, mid-to-high single-digit EPS growth, and improving working capital to drive free cash flow generation, the analyst tells investors in a research note. The firm expects that with improved discipline on spending and innovation along with cost improvement, Colgate can drive more consistent, above-average growth.
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