Blue chip FMCG stock to BUY for an upside of 18%; Are you holding it?
Prabha Narasimhan, former senior executive director at HUL took over as Colgate-Palmolive’s early September this year. She disclosed her plans for the growth of the FMCG giant in the recent annual analysts’ meet. Under her stewardship, Colgate-Palmolive (NYSE: CL ) plans to grow its oral care business with a focus on premiumization and likewise focus on the non-oral care business.
So far in the calendar year 2022, its stock is up 6.97% as compared to a 5.27% rise in the benchmark BSE-Sensex.
For the quarter ending September 2022 (Q2FY23), the company reported a net profit of Rs 279 crore on revenues of Rs 1,387 crore. Its bottom line marginally increased on a year-on-year (YoY) basis from Rs 269 crore during the same quarter last year.
As per the recent filing with the exchanges, the company notified that powered toothbrushes and teeth-whitening products are two of its focus areas in the premiumisation strategy. It is also considering putting in place an exclusive professional e-B2B platform for dentists. It has been dubbed as DenistFirst.
Analysts at the global brokerage firm Jefferies have given a ‘buy call on the stock of Colgate-Palmolive India with a target price of Rs 1,850 per share. This translates into an 18% potential upside for the investors.
The shares of the company were trading at Rs 1,565 a piece in the early hours of trading on Thursday. The stock was marginally down 0.40% from its previous close giving the large-cap blue-chip stock a market capitalization of Rs 42,500 crore.
The post Blue chip FMCG stock to BUY for an upside of 18%; Are you holding it? appeared first on Trade Brains.
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