Procter & Gamble’s (PG) focus markets, which make up 75% of sales, displayed “impressive” volume recovery in fiscal Q2 despite headwinds in China and the Middle East, RBC Capital Markets said Wednesday in a report.
Company management forecast improving volumes in the US as pricing slows, RBC said.
Organic sales in Greater China fell 15% in the quarter on weak consumer confidence, the report said.
RBC reiterated its sector perform rating on Procter & Gamble’s stock and raised its price target to $157 from $156.
Net sales in the quarter ended Dec. 31 rose to $21.4 billion from $20.8 billion a year earlier, the company said Tuesday.
Shares of the company fell 0.7% in recent Wednesday trading.