J.P. Morgan Maintains Neutral on Procter & Gamble

J.P. Morgan is out with its report today on Procter & Gamble PG, maintaining Neutral. In its report, J.P. Morgan writes, "Procter is set to report FQ4 results on Friday, August 5. We think that FY12 guidance, which the company will issue for the first time, will be the major focal point of the release, as we do not think that there will be much in a way of surprises in the quarterly results. Given the choppiness in the macro data, the continued sluggishness of the categories in the developed markets, and input cost inflation, we think the company's tone will be somewhat cautious." J.P. Morgan maintains a $70 PT on PG. At the time of posting, shares of PG were trading pre-market at $61.13, up 0.43% from Tuesday's close.