Fly News Breaks for December 19, 2019
Dec 19, 2019 | 06:48 EDT
BofA/Merrill analyst Olivia Tong downgraded Colgate-Palmolive (CL) to Neutral from Buy with a price target of $74, down from $77. The analyst notes that while the company has improved its organic sales growth and launched a "meaningful innovation" in its toothpaste and pet categories, she is concerned with its struggles to reverse market share losses in toothpaste as well as the more challenging comps expected in 2020. Tong contends that 2020 may become another year of "outsized investment", adding that Procter & Gamble (PG) may be preferred by investors given its faster growth rate at a similar valuation.
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