Morgan Stanley Lowers Price Target On Procter & Gamble To $60.59

According to Morgan Stanley, Procter & Gamble PG reported low-quality Q4 EPS, but the stock ended up outperforming the S&P 500 as it believes investors are appropriately looking ahead to an improved pricing/commodity cost scenario in 2012, particularly with stronger than expected 3% Q4 pricing ex-mix (MS was at +1.3%). Morgan Stanley said that FY12 guidance was in-line with consensus. “We are lowering our price target slightly to $69 (15x 2013e EPS of $4.59) from $72 to reflect a lower market multiple.” Procter & Gamble closed on Friday at $60.59.