The firm reiterated its $89 price target for the American multinational consumer goods company.
Canaccord said it lowered Procter & Gamble's rating based on a valuation call.
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"We feel the share price now captures most of the potential upside in the base business over the medium term," said Canaccord analyst Alicia Forry. "Our forecasts already assume 5% organic sales growth in F16 (and 2.5% in F15)."
Separately, TheStreet Ratings team rates PROCTER & GAMBLE CO as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate PROCTER & GAMBLE CO (PG) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its good cash flow from operations, expanding profit margins, increase in stock price during the past year, largely solid financial position with reasonable debt levels by most measures and reasonable valuation levels. We feel these strengths outweigh the fact that the company has had sub par growth in net income."