Investors should trim any oversized positions in Procter & Gamble ahead of some tough spring and summer quarters, Citi said in a note to clients.
The bank downgraded the consumer staples giant to neutral from buy on the heels of a strong earnings report and lowered its price target for the stock as well.
Procter & Gamble reported fiscal third-quarter earnings on Tuesday morning, showing earnings of $1.26 per share and $18.11 billion of revenue. Analysts surveyed by FactSet were expecting $1.19 in earnings per share and $17.96 billion in revenue.
