Citi analyst Wendy Nicholson downgraded Procter & Gamble to Neutral from Buy with a price target of $150, down from $165. The analyst left the fiscal Q3 earnings call feeling that the next several couple quarters will likely see incremental pressure and that results “could be bumpy.” Commodity inflation is “rough,” which will pressure results until pricing takes hold, and some emerging markets look to be getting worse before they get better, Nicholson tells investors in a research note. In addition, tough compares and less favorable currency could limit upside to guidance in fiscal Q4 and “put a damper” on the fiscal 2022 outlook, says the analyst.