Procter & Gamble price target lowered to $189 from $196 at UBS

UBS lowered the firm’s price target on Procter & Gamble to $189 from $196 and keeps a Buy rating on the shares. Sentiment around Consumer Staples is as bearish despite underperforming the broader market by nearly 50% over the last two years, and UBS believes much of the negativity is “fair” amid a more favorable macro backdrop and risk-on environment over the past 24 months at a time when top and bottom line growth for majority of the group has underwhelmed vs. expectations, the analyst tells investors in a research note. It is difficult to find a fundamental narrative to get more constructive when layering in a stronger U.S. dollar, re-emerging commodity headwinds, rising bond yields, tariff uncertainty following the U.S. election, and long-term concerns on the potential implications of GLP-1 and broader health and wellness trends, the firm says. UBS would not recommend stepping in ahead of what will likely be a very challenging earnings season for the group.