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Colgate-Palmolive Upgraded to Buy at Deutsche Bank
Sep 20, 2021 5:00 PM - Davit Kirakosyan
Image credit: FMP
Analysts at Deutsche Bank upgraded Colgate-Palmolive Company (NYSE:CL) to buy from hold and increased their price target to $86 from $84. The brokerage mentioned two reasons for the upgrade:
(1) Significant steps taken in rebuilding the company’s corporate culture during the last three years, and added attention placed on e-commerce, digital marketing, data management, and business process automation capabilities.
(2) Recent stock performance appears too severe compared to the company’s peers. While cost/supply pressures facing the company today are real, the brokerage views them as consistent with challenges facing other companies, expecting the company to overcome them over time by way of net price realization, RGM, and productivity initiatives.
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