Procter & Gamble price target lowered to $160 from $164 at Barclays

Barclays analyst Lauren Lieberman lowered the firm’s price target on Procter & Gamble to $160 from $164 and keeps an Overweight rating on the shares. For consumer staples and beverages, the analyst sees the most opportunity in names with visibility to volume growth and a “digestible valuation” heading into the Q4 reports. In food, the analyst is interested in how reporters guide given volume recovery across the space “has largely lagged expectations.” With interest rates now likely in a tighter and lower band than has been the case over the past three months, the monolithic, macro-driven moves in staples names are likely to be less of a driving force, the analyst tells investors in a research note. Combined with the “feverish concern surrounding GLP-1s seeming to have retreated, we think there’s opportunity ahead in more idiosyncratic names,” contends Barclays.