Truist analyst Bill Chappell upgraded Procter & Gamble to Buy from Hold with a price target of $175, up from $160. The analyst believes investors are shifting focus in 2024 to consumer personal goods companies with volume growth. Procter & Gamble, having returned to volume growth in fiscal Q2 excluding China, recently gave encouraging commentary around its China business that signals enterprise-level volume recovery in the coming quarters as the comparisons become more favorable, the analyst tells investors in a research note. The firm thinks the shares will outperform peers based on improving volume numbers and a normalized macro environment.
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