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6/28/2019, 12:55 PM (Source: TeleTrader)
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Goldman upgrades P&G, forecasts 'double-digit' returns

United States consumer goods giant Procter & Gamble was upgraded on Friday at Goldman Sachs, with the stock getting raised from "neutral" to "buy." Goldman also increased P&G's yearly price target from $114 to $125 per share. The banking giant pointed out the P&G has potential for "double-digit returns" to its shareholders.

Despite previous concerns about P&G's ability to generate profit, Goldman said it now expects "to see a change in this trend, and we forecast organic volume and profit dollar growth in 12 of the next 13 quarters."

In Friday's premarket trading on Wall Street, P&G stock jumped 1.42% to $111.34 per share. On Thursday, the stock closed 0.05% in the positive territory at $109.78. As for its six-month performance, P&G is up 20.40%.

Breaking the News / SS