Colgate-Palmolive downgraded to Hold from Buy at Stifel

Stifel downgraded Colgate-Palmolive (CL) to Hold from Buy with a price target of $101, down from $105. The company’s fundamentals are “more-than-solid,” as evidenced by its 4% volume growth in Q3 following 3% growth in the first half of 2024, making Colgate one of the best-performing large-cap consumer staples companies, the analyst tells investors in a research note. However, Sitfel anticipates Colgate’s organic sales growth to slow from high single-digits in recent years to 4%-5% growth over the next four quarters. As a result, the stock’s valuation is unlikely to re-rate higher from current levels, contends the firm.