Citi analyst Wendy Nicholson says she's unsure of Nelson Peltz's Trian Fund Management's activist angle in Procter & Gamble. While activism in the company is not new, a lot has changed at P&G, Nicholson tells investors in a research note after Trian confirmed a new position in the consumer staple. The stock isn't cheap, the analyst writes, noting that the shares are trading at 21 times her 2018 estimate. In addition, Nicholson views a potential break-up of P&G as hard to do and ill-advised. She notes that she's bullish on the shares with or without Trian. The analyst has a Buy rating on the name with a $102 price target.