While P&G did beat Faucher of JPMorgan's estimates, the company fell short on the analysts optimism that it would boost EPS guidance past $4 a share or grow top line sales.

Still, as Ackman wields his activist techniques to prod change at P&G, Faucher's optimistic the company can pull out of an earnings rut in coming years.

"Although the valuation of the stock has moved up, we think the company's execution and potential acceleration of its cost-savings program, together with improvement in share trends, may lead to further upside," wrote the analyst on Wednesday.

For more on what Ackman thinks of his P&G stock play and a heavy slate of 2012 investments, see why he may have forgotten about P&G and J.C. Penney , another large turnaround play, at the Value Investing Congress earlier in October.

For more on Warren Buffett's 2012 investing challenges, see why his Wells Fargo ( WFC) hinges on Fed chair Ben Bernanke and why bank stocks may face Fed destruction in 2013 .

Also see why its Johnson & Johnson versus Goldman & Goldman on other turnaround campaigns of consumer products giants.

-- Written by Antoine Gara in New York

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