Colgate-Palmolive ( NYSE: CL ) gained in mid-day trading on Thursday after J.P. Morgan upgraded the household products stock to an Overweight rating after having it slotted at Neutral.
The firm expects Colgate-Palmolive ( CL ) to take on more FX headwinds, but also sees the company as one of the few that will likely be able to keep pricing power even cost pressures lighten up. CL's good brand equity and entry level price points with low exposure to private label are expected to support that pricing and help it grow high single-digit growth EPS in 2023 while recovering market share globally.
J.P. Morgan assigned a price target of $79 to CL vs. the 52-week trading range of $67.84 to $85.61.
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Colgate-Palmolive moves higher after J.P. Morgan issues bull call