- Morgan Stanley reiterates an Overweight rating on Procter & Gamble (NYSE:PG) and makes it the firm's top household/personal care stock pick. The firm says recent scanner data supports that PG's momentum is building with significant market share gains.
- "This momentum is also particularly important today given it signals PG's success is more company-specific than driven by COVID tailwinds in general," notes analyst Dara Mohsenian.
- Strong FQ1 results out of the Cincinnati giant is seen driving investor interest back into the name.
- Procter & Gamble's valuation at 21X the 2023 EPS estimated is also said to look compelling at what MS thinks is an unfair 8% discount to large cap HPC peers. PG replaces Estee Lauder (NYSE:EL) as the top HPC pick.
- Shares of Procter & Gamble (PG) are up 0.37% premarket to $144.58.
- See PG's value grades and underlying metrics compared to peers.