Procter & Gamble price target lowered to $162 from $169 at JPMorgan

JPMorgan lowered the firm’s price target on Procter & Gamble to $162 from $169 and keeps an Overweight rating on the shares. The household and personal care Q4 earnings season will likely be worse sequentially as companies lap the benefit of pricing and, while volume comps are getting easier, demand has been softer for most, the analyst tells investors in a research note. That said, the firm believes that as the December fiscal year companies guide into 2024, it will look like a more normalized year for the most part, coming back to the pre-pandemic cadence of organic sales growth of 3%-4% with more balanced between volume and pricing.