Colgate's Bright Smile: Analyst Envisions Upswing In 2024 Guidance With Ample Growth Opportunities
Portfolio Pulse from Lekha Gupta
Raymond James analyst Olivia Tong upgraded Colgate-Palmolive Co (NYSE:CL) to Outperform from Market Perform with a $91 price target, citing strong Q4 FY23 earnings and positive 2024 outlook. The company reported a 7% YOY sales growth, beating estimates, and expects 1%-4% net sales growth for FY24. Risks in Latin America are noted, but offset by strengths in Mexico and Brazil. Wells Fargo, UBS, and Morgan Stanley analysts also raised their price targets for CL, reflecting a positive sentiment among analysts.
January 29, 2024 | 7:08 pm
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Colgate-Palmolive upgraded to Outperform by Raymond James with a $91 price target, following strong Q4 earnings and a positive 2024 outlook. Other analysts also raised their price targets, indicating a bullish sentiment.
The upgrade by Raymond James, along with increased price targets from Wells Fargo, UBS, and Morgan Stanley, reflects a strong consensus among analysts that Colgate-Palmolive is poised for growth. The positive earnings report and guidance for 2024 suggest that the company is on a solid footing, which is likely to be well-received by the market, potentially leading to a short-term increase in stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100