Colgate-Palmolive Analysts Increase Their Forecasts Following Upbeat Earnings
Portfolio Pulse from Avi Kapoor
Colgate-Palmolive Company (NYSE:CL) reported a 7% year-on-year increase in fourth-quarter FY23 sales to $4.95 billion, surpassing analyst estimates. Non-GAAP EPS was 87 cents, beating the consensus of 80 cents. The company plans to increase brand investment in 2024 and expects FY24 net sales growth of 1%-4%. Analysts from Wells Fargo, UBS, and Raymond James have raised their price targets for Colgate-Palmolive, with Raymond James also upgrading the stock to Outperform.
January 29, 2024 | 4:07 pm
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POSITIVE IMPACT
Colgate-Palmolive surpassed Q4 sales and EPS estimates, announced increased brand investment, and received raised price targets and an upgrade from analysts.
The positive earnings report and increased brand investment signal strong company performance and future growth potential. Analyst upgrades and raised price targets typically lead to positive short-term stock price movements.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100