Morgan Stanley analyst Richard Taylor downgraded the European Household & Personal Care, or HPC, sector to In-Line from Attractive to reflect a fading pricing environment in the second half of 2019 and competitive pressures that he sees increasing. Procter & Gamble (PG), after nearly 10 years of losing share to the big players in Europe, is now growing fast and gaining share under new management, Taylor tells investors. His least preferred name in the group is Henkel (HENKY), on which he has an Underweight rating. Other European HPC companies include Unilever (UN, UL), Reckitt Benckiser (RBGLY) and L'Oreal (LRLCY).