Colgate-Palmolive price target raised to $85 from $80 at BofA

BofA analyst Bryan Spillane raised the firm’s price target on Colgate-Palmolive to $85 from $80 and keeps a Neutral rating on the shares. Colgate’s above-consensus Q1 was "a step in the right direction" after weaker gross margins led to mixed Q4 results, the analyst tells investors. The firm’s target now reflects a higher multiple as it argues that multiple expansion is warranted by Colgate’s improved earnings power through premiumization and efficiencies.