Procter & Gamble initiated with a Neutral at Piper Sandler

Piper Sandler analyst Korinne Wolfmeyer initiated coverage of Procter & Gamble with a Neutral rating and $174 price target. With tougher pricing compares and volume improvement in the early stages, the company’s current estimates “look reasonable but not quite beatable,” the analyst tells investors in a research note. The firm likes Procter’s cost savings initiatives, but sees limited pricing opportunities to “offset macro vulnerabilities.” Piper believes the shares are likely to stay “rather range-bound.”