Colgate-Palmolive upgraded to Buy from Hold at Stifel

Stifel analyst Mark Astrachan upgraded Colgate-Palmolive to Buy from Hold with a price target of $81, down from $85. The analyst thinks volume declines have bottomed for many household and personal product companies but are likely to remain negative for at least two more quarters, reflecting pricing and heightened global macroeconomic uncertainty impacting consumer spending. The upgrade of Colgate reflects modest multiple expansion on improving fundamentals coupled with an “undemanding” current valuation, the analyst tells investors in a research note.