Evercore ISI Upgrades Procter & Gamble with $166 Price Target

Evercore ISI has upgraded Procter & Gamble (PG) to outperform from in line, raising its price target to $166 from $161. The firm cited improving U.S. execution, stabilizing category volumes, and early signs that the company’s new organization is delivering results. The new price target suggests about a 14% upside from the stock's last close.

Analyst Robert Ottenstein also increased his fiscal first-quarter organic sales growth estimate to about 3%, exceeding the consensus of 2%. He suggested that the quarter could mark the end of downside risk to P&G’s sales. Ottenstein expects the company to exit fiscal 2027 growing about 4%, a pace that should support operating leverage.

Ottenstein highlighted recovering market share in diapers and household products at Walmart (WMT) and Costco (COST). He also noted that higher-margin brands like Olay, Downy, Native, Dawn, and Pantene are increasingly driving growth. The note emphasized P&G’s online performance, stating that the company is no longer losing U.S. online share, with Amazon (AMZN) now accounting for about 60% of U.S. growth.

Shares of P&G were up about 1.5% in afternoon trading on Tuesday.