Deutsche Bank (DB) maintained its "Buy" rating and price target of $98 on Colgate-Palmolive Co. (NYSE:CL).
"It's still all relative. After outperforming last year despite
uninspiring fundamentals in a rotation trade, somewhat stretched
relative valuation and reduced EPS expectations from negative f/x have
been weighing on the stock and sentiment," the bank wrote in a note.
Notwithstanding volatile currency, DB said the company continues to
drive growth by expanding its categories and taking share, while
aggressively managing the cost structure.
Underlying fundamentals remain decent even if relative valuation is less compelling, the bank wrote.
The stock, which has been trading between $74.86 and $94.89 over the past year, lost 1.1 percent to trade at $90.33 on Friday.
