(CercleFinance.com) – Colgate-Palmolive shares posted one of the most notable increases in the S&P 500 index on the New York Stock Exchange on Monday, the stock benefiting from a Wells Fargo study in which the analyst is more bullish on the FMCG giant.
Around 11:00 a.m. (New York time), the value rose 2.6%, against a gain of 0.3% at the same time for the S&P.
In a note published in the morning, Wells Fargo explains that it had so far assumed that the margins of the American group would be under pressure because of the investments made to catch up on the competition.
“It has indeed materialized”, estimates the broker, who however says that he no longer sees many reasons to be negative in view of the recovery in margins expected for 2023.
Wells Fargo accordingly raises its recommendation on the stock from ‘underweight’ to ‘weight in line’ with a price target raised from 71 to 80 dollars.
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