Procter & Gamble price target lowered to $168 from $169 at Deutsche Bank

Deutsche Bank lowered the firm’s price target on Procter & Gamble to $168 from $169 and keeps a Buy rating on the shares. The analyst enters 2024 seeing a relatively balanced risk/reward across the consumer packaged goods sector. The firm expects another challenging year fundamentally, characterized by questionable rates of volumetric recovery, potentially challenging price/mix, and thus slowing organic growth. It remains biased towards “quality” names entering the New Year “that admittedly already carry premium multiples.”