Procter & Gamble downgraded to Hold from Buy at Jefferies

Jefferies downgraded Procter & Gamble to Hold from Buy with a price target of $175, down from $182. The analyst sees more scope for downside versus upside for the shares from here. Elasticities are getting softer in the U.S. and input costs are rising, while pricing will fade over the next 12 months, the analyst tells investors in a research note. The firm believes this poses risk to market expectations for accelerated sales growth and margin expansion. As such, it sees better opportunities elsewhere in U.S. staples.