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Home Industry News Colgate-Palmolive upgraded in brokerage’s rankings

Colgate-Palmolive upgraded in brokerage’s rankings

12th December 2008

Colgate-Palmolive has been upgraded from “above average” to “buy” by Caris and co.

The changing of the status is due to the company’s confidence of achieving its outlook for double-digit 2009 earnings growth, the brokerage said.

In October, Colgate-Palmolive said it would benefit from falling oil prices, even with the dollar currency strengthening.

Caris and co said in a note to clients: “Fourth quarter of 2008 should be the most challenging quarter, with fundamentals improving sequentially thereafter.”

As a result of the current economic conditions, Barclays has additionally cut Colgate-Palmolive’s estimates and price target to $69 (46.2 pounds) from $71.

“We think the strain on the consumer could prove severe enough to drive radical changes in consumption behavior, posing sales risk to even Colgate’s very non-discretionary categories,” the financial services provider said.

In other news, Colgate-Palmolive has awarded a contract to Sonoco for the packaging of its products.

As a result of the deal, the company will manage all European packing requirements for oral care items from its centre in Wroclaw, Poland.

Colgate-Palmolive awarded the contract due to the factory’s location, as it is near to a manufacturing facility in the same country – Swidnica.

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