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Procter & Gamble shares are ripe for the taking, analysts at Jefferies said Wednesday.
The analyst firm initiated coverage of the Dow component with a "buy" rating and a price target of $95.
"We expect P&G's slimmed down portfolio, better focused on geos/categories where it can (and should) win, to drive a return to 3.5% org sales by FY18, in-line with the industry, but ahead of ~2.5-3 percent expectations," they said in a note to clients.
Jefferies also noted Procter's portfolio is now "in a better place."
"P&G has shed 15%/5% of sales/profits, streamlined its portfolio, and continues to rationalize its cost structure," they said.
The Jefferies analysts said the time to buy is ahead of the company's long-awaited revenue recovery. They added, the risk-reward is "favorable" due to the company's attractive dividend.
Entering Wednesday's session, Procter shares had gained about 5 percent this year. The stock closed slightly lower at $82.95.
PG year to dateSource: FactSet