Bernstein Lifts P&G Price Target Amid Marketing Shift Challenges

Bernstein SocGen Group has raised its price target on Procter & Gamble stock to $149.00 from $148.00, while maintaining a Market Perform rating.

The firm noted that P&G spent $53.1 billion in marketing between 2021 and 2026 to sustain consumption levels, with spending growing an average of 4.5% annually while volumes remained flat.

Bernstein said sustaining historical levels of marketing effectiveness is becoming more challenging, particularly as consumers transition from linear TV to social media.