Procter & Gamble price target lowered to $153 from $162 at Bernstein

Bernstein analyst Callum Elliott lowered the firm’s price target on Procter & Gamble to $153 from $162 and keeps a Market Perform rating on the shares. Over the past few months, the relative premium of staples versus the market has “rapidly unwound,” the analyst tells investors in a research note. As such, the firm thinks the risk/reward for the group looks less negative than it has over most of the past few years.