3 Analysts raise targets on Colgate-Palmolive Co. (CL:NYE)

Colgate-Palmolive Company stock

Colgate-Palmolive Co. News:

Colgate-Palmolive Co, one of the world’s leading consumer products companies, recently announced that it has raised its full-year organic sales forecast. This is due to the company’s confidence in the steady demand for its pet nutrition products and its ability to consistently raise prices. The announcement came after the company reported that it had exceeded analysts’ expectations for revenue and profit in the first quarter of 2023.

The company now expects full-year organic sales growth of 4% to 6%, up from its previous forecast of 3% to 5%. It also expects adjusted profit growth in the mid-single-digit range for 2023, an increase from its previous forecast of low to mid-single-digit growth. The company’s shares rose following the announcement, signaling investors’ confidence in the company’s growth prospects.

The strong performance in the first quarter of 2023 was largely driven by the company’s pet nutrition products, which saw increased demand due to more people adopting pets during the pandemic. This trend is expected to continue, which bodes well for Colgate-Palmolive’s growth prospects.

While the company’s total organic volumes fell by 2%, this was more than offset by a 12% increase in prices. This indicates that the company has the pricing power to raise prices without significantly impacting demand for its products. This is an important factor for a consumer products company like Colgate-Palmolive, as it allows the company to maintain profitability even in the face of rising costs.

Colgate-Palmolive’s revenue rose over 8% to $4.77 billion in the quarter ended March 31, beating analysts’ average estimate of $4.58 billion. The company’s adjusted earnings per share of 73 cents also topped analysts’ expectations of 70 cents. This strong financial performance is a testament to the company’s ability to successfully navigate the challenges posed by the pandemic and to capitalize on the opportunities it presents.

Analysts Coverage Change:

  • Citigroup maintains a “Buy” rating for Colgate-Palmolive Co. (CL:NYE) and  raises its price target to $92 from $88.
  • Wells Fargo & Company maintains an “Equal-Weight” rating for Colgate-Palmolive Co. and raises its price target to $81 from 76.
  • Morgan Stanley & Co. maintains an “Overweight” rating for Colgate-Palmolive Co. and raises its price target to $89 from $82.

Colgate-Palmolive Company Stock Forecast:

Based on the forecasts of 17 analysts, the average target price for Colgate-Palmolive Company stock is USD 80.58 over the next year, and the average analyst rating is Strong Buy. Stock Target Advisor‘s analysis is Neutral, with 9 positive signals and 8 negative signals. The current stock price is USD 79.80, which is slightly below the target price. Over the past week, the stock price has increased by 3.91%, over the past month by 6.05%, and over the last year by 3.57%.

CL Ratings by Stock Target Advisor

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