JPMorgan lowered the firm’s price target on Colgate-Palmolive (CL) to $109 from $114 and keeps an Overweight rating on the shares. The firm thinks Colgate-Palmolive’s share selloff despite beating Q3 estimates was more the result of profit taking than fundamental concerns. While management admitted that North America sales were short of expectations and likely the main reason for the stock underperformance, the combination of shipment timing, innovation, and lapping the allocation headwinds should position the North America division to inflect positive already in Q4, the analyst tells investors in a research note.

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