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The Procter&Gamble Co. Market Update

12/7/2022 3:10 PM

The stocks of one of the leaders of the global consumer goods market, The Procter&Gamble Co., are trading in a corrective trend at the level of 149.00.

Almost all leading analysts positively assessed the first Investor Day since 2018 last month. During the event, the company confirmed the forecast for the 2023 fiscal year, which assumes an EPS of 5.81 dollars, despite obvious problems with cargo deliveries. Bank of America analysts' expectations remained at 170.0 dollars per share with a "buy" recommendation. Deutsche Bank's forecast was more restrained: it implies a target price of 156.0 dollars per share and also a "buy" recommendation. Wolfe Research experts also kept their forecast at 156.0 dollars, noting the company's efforts to invest in marketing, and changed the recommendation to "above the market" from "at the market level".  

In its recent financial report, The Procter&Gamble Co. recorded revenue of 20.61B dollars, which exceeded the 20.37B dollars predicted by analysts, and earnings per share amounted to 1.57 dollars, which is also higher than the expected 1.55 dollars.       

On the daily chart, the quotes continue to trade above the resistance line of the global descending channel, reaching the highs of mid-August.

Technical indicators still hold a stable buy signal: fast EMAs on the alligator indicator are above the signal line, and the histogram of the AO oscillator, being in the buy zone, forms ascending bars.

Support levels: 147.50, 141.00. | Resistance levels: 151.00, 156.00.

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