Colgate-Palmolive (CL) Stock Price Target Raised at Deutsche Bank
NEW YORK (TheStreet) -- Deutsche Bank raised its price target on Colgate-Palmolive (CL) - Get Report stock to $71 from $65 on Monday. The firm maintained its "hold" rating on the stock.
The New York City-based consumer products company reported its 2015 third quarter earnings results before the market open on Friday, with earnings in-line and revenue below expectations.
The company reported earnings of 72 cents per share on revenue of $3.99 billion. Analysts surveyed by Thomson Reutershad forecast earnings of 72 cents per share on revenue of $4.07 billion.
Colgate-Palmolive also announced last week that its worldwide advertising investment decreased 23%, which the company said decreased its selling, general and administrative expenses.
"While it is easy to beat the company up for clearly managing earnings by pulling advertising spending in a tough EM macro, one could also argue dominant Colgate oral care shares in these markets enables this tact, and that is why you own Colgate over the long-term," Deutsche Bank said.
Shares of Colgate-Palmolive were up 0.83% to $66.90 in early afternoon trading on Monday.
Separately, TheStreet Ratings team rates COLGATE-PALMOLIVE CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
We rate COLGATE-PALMOLIVE CO (CL) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its notable return on equity, increase in stock price during the past year and expanding profit margins. We feel its strengths outweigh the fact that the company has had sub par growth in net income.
You can view the full analysis from the report here: CL
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