J.P. Morgan Maintains Neutral on Colgate-Palmolive (CL)

J.P. Morgan is out with its report today on Colgate-Palmolive CL, maintaining Neutral. In a note to clients, J.P. Morgan writes, "We expect CL's Q1 to be rather weak, as the company continues to be plagued by heightened competitive activity and tough comps, although this is broadly understood. Although we believe that commodity cost pressures have gotten worse since Colgate provided 2011 guidance, the fx environment has become more favorable. We still would like the company to lower expectations so they can more meaningfully step up ad spending in 2011 to improve their top line momentum, but we do not think they will do so at this time." J.P. Morgan has an $88 PT on CL. Shares of CL closed Monday at $81.35.