Procter & Gamble price target lowered to $164 from $165 at Goldman Sachs

Goldman Sachs lowered the firm’s price target on Procter & Gamble to $164 from $165 and keeps a Neutral rating on the shares ahead of its Q1 results on October 18th. The firm sees a neutral to negative risk-reward for earnings, noting that while its scanner trends have been relatively resilient for the company, indicating continued growth in the U.S., this is expected to be offset by continued challenges in the company’s international markets such as the Middle East due to geopolitical tensions and China, the analyst tells investors in a research note. Goldmand Sachs adds it remains cautious on Procter & Gamble overall, especially considering that its organic sales growth over the past 3-4 quarters has decelerated with the stock still trading at elevated multiples.