SPY - Procter & Gamble Company: Earnings Consistency Strong Momentum Heading Into FY 2025
2024-06-29 05:57:32 ET
Summary
- Consumer Staples stocks are performing well this quarter, keeping pace with the tech-dominated S&P 500.
- I am upgrading Procter & Gamble from sell to hold due to strong sales growth, stable commodity prices, and improved technicals.
- PG shares trade near all-time highs, and more record earnings are in the cards, which may keep the P/E in the mid-20s.
- I outline key price levels to watch ahead of earnings due out next month.
Consumer Staples stocks have quietly produced gains so far this quarter, nearly keeping pace with the tech-dominated S&P 500. While there has been an uptick just recently in Consumer Discretionary stocks, namely a fresh high in shares of Amazon (AMZN), many blue-chip Staples continue to trade at premium valuation multiples in the face of a booming broader market. I believe that will generally persist. ...
Procter & Gamble Company: Earnings Consistency, Strong Momentum Heading Into FY 2025