CL - Colgate's Bright Smile: Analyst Envisions Upswing In 2024 Guidance With Ample Growth Opportunities | Benzinga
Raymond James analyst Olivia Tong upgraded Colgate-Palmolive Co (NYSE:CL) to Outperform from Market Perform and announced a $91 price target.
The analyst is bullish on the stock following strong fourth-quarter FY23 earnings and the introduction of the 2024 outlook.
The oral care giant reported fourth-quarter FY23 sales growth of 7% year-on-year to $4.95 billion, beating the analyst consensus estimate of $4.89 billion and Base Business (non-GAAP) EPS of $0.87, beating the analyst consensus of $0.80.
The company expects FY24 net sales growth to be 1%-4%, including a low-single-digit negative impact from foreign exchange.
The analyst writes that the 2024 EPS outlook was below their ...