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HomeBusinessColgate-Palmolive Stock Raised to Buy at Stifel

Colgate-Palmolive Stock Raised to Buy at Stifel

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Stifel’s analysts upgraded Colgate-Palmolive (NYSE:CL) to Buy from Hold and adjusted the price target from $85 to $81. The new rating is based on expected improvements in the company’s fundamentals and what is perceived as a current undemanding valuation. Stifel anticipates the stock to have more upside, driven by an estimated 2023 organic sales growth reaching at least the high end of the 5%-7% target range. Factors influencing organic sales growth include carryover pricing, volume increases, especially in Hill’s, and continued global market share gains in toothpaste.
The analysts also expect a boost in the Q3/23 gross margin due to reduced inflation and other factors. Stifel projects Colgate-Palmolive to meet or exceed the 2024 consensus for organic sales growth of 4%.

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