Colgate-Palmolive Co.’s stock surged 1.8% toward a record high, after Goldman Sachs analyst Jason English threw in the towel on his bearish call on the consumer products company, saying the downside risks to earnings estimates have subsided. English raised his rating to neutral, after being at sell since April 19, 2015. He raised his stock price target to $75, which is 3.9% above current levels, from $62. Since he went to sell on the stock, it has gained 4.3% while the S&P 500 has lost 1.5%. “[Colgate-Palmolive’s] earnings visibility has improved of last as [currency] stabilizes, commodities remain benign and the company’s volume growth ticked higher,” English wrote in a note to clients. The stock is set to close above the previous record close of $71.66 seen on April 19, 2016. The stock has run up 8.4% year to date, while the SPDR Consumer Staples ETF has gained 4.3% and the S&P 500 has tacked on 1.5%.
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