Morgan Stanley analyst Dara Mohsenian upgraded Colgate-Palmolive to Overweight from Equal Weight with an unchanged price target of $82. The near 10% pullback in shares over the last month offers a buying opportunity “into a structurally attractive name,” the analyst tells investors in a research note. The firm believes Colgate’s conservative 2023 earnings guidance should allow the company to beat lowered consensus forecasts. Colgate is Morgan Stanley’s top household products pick as it sees robust pricing power, strong pet trends and positive corporate strategy changes.
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