Defensive Stocks Remain Strong; MO, PG, CL at 52-Week Highs
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Price: $66.95 -0.58%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 6.3%
Revenue Growth %: +1.3%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 6.3%
Revenue Growth %: +1.3%
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With investor concerns being slightly eased after yesterday's huge gain on Wall Street, traders have started jumping back into more growth oriented stocks today. This should bode negatively for defensive stocks, but, on the other hand, defensive plays are continuing to see upside today.
On the day after the S&P 500 Index recorded its largest gain in five years, defensive stocks Altria (NYSE: MO), Procter & Gamble (NYSE: PG) and Colgate-Palmolive (NYSE: CL) are all trading at new 52-week highs.
Yesterday morning, shares of Altria were added to Goldman Sachs' Conviction Buy list, which tracks what Goldman believes to be the best-performing companies in the stock market. Altria was only up a percent on the news, compared to about a 3% gain in the broader markets. Seemingly, it appears that the news is now hitting Altria today, as shares have risen more than 2% and are trading around a new "post-Kraft spin-off" 52-week high of $76.09.
Also on the defensive stock front, Colgate-Palmolive has hit a new 52-week high at $80.09. Shares of Colgate-Palmolive were initiated for coverage at Credit Suisse this morning, along with several other U.S. Household stocks. Credit Suisse started Colgate-Palmolive at Outperform, setting an $87 price target, and also called the stock its "Top Pick" for the sector.
Credit Suisse expects Colgate-Palmolive to divest its home care business sometime in 2008, and also pointed out that the Company is "targeting EPS growth in the double-digit range" over the next several years.
Elsewhere in the sector, Procter & Gamble was also started for coverage at Credit Suisse, but at Underperform. Despite the lower-than-average rating, shares of Procter & Gamble have risen to a new 52-week high at $74.19 today.
On the day after the S&P 500 Index recorded its largest gain in five years, defensive stocks Altria (NYSE: MO), Procter & Gamble (NYSE: PG) and Colgate-Palmolive (NYSE: CL) are all trading at new 52-week highs.
Yesterday morning, shares of Altria were added to Goldman Sachs' Conviction Buy list, which tracks what Goldman believes to be the best-performing companies in the stock market. Altria was only up a percent on the news, compared to about a 3% gain in the broader markets. Seemingly, it appears that the news is now hitting Altria today, as shares have risen more than 2% and are trading around a new "post-Kraft spin-off" 52-week high of $76.09.
Also on the defensive stock front, Colgate-Palmolive has hit a new 52-week high at $80.09. Shares of Colgate-Palmolive were initiated for coverage at Credit Suisse this morning, along with several other U.S. Household stocks. Credit Suisse started Colgate-Palmolive at Outperform, setting an $87 price target, and also called the stock its "Top Pick" for the sector.
Credit Suisse expects Colgate-Palmolive to divest its home care business sometime in 2008, and also pointed out that the Company is "targeting EPS growth in the double-digit range" over the next several years.
Elsewhere in the sector, Procter & Gamble was also started for coverage at Credit Suisse, but at Underperform. Despite the lower-than-average rating, shares of Procter & Gamble have risen to a new 52-week high at $74.19 today.
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