Daily Interview: Evaluating P&G's Growth Prospects as It Restructures

Procter & Gamble(PG Quote) is going through a host of changes to move it into growth mode. The company is restructuring its business, eliminating 17,400 of its 100,0000 employees during the next three years, divesting itself of many of its food brands and acquiring Clairol from Bristol-Myers Squibb(BMY Quote) for $4.95 billion.

Tim Drake Senior equity analyst, Bank One Investment Management

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Tim Drake, senior equity analyst at Bank One Investment Management(ONE Quote) thinks the moves could help P&G -- one of the 30 stocks in the Dow Jones Industrial Average -- achieve its goal of delivering double-digit earnings-per-share growth six to 12 months from now. P&G closed at $64.28 on Friday, off its 52-week high of $79.31. The company trades at 23.9 times its earnings.

Drake discusses why he has a neutral rating on P&G and why he thinks the company's moves are pointing it in the right direction. ...