Investors looking for a defensive play should consider Proctor & Gamble Co. (NYSE:PG), Goldman Sachs’ Amy Low Chasen said after the company reported first quarter results that came in ahead of both the analyst’s and consensus estimates.
PG management issued earnings guidance of US95¢ to US97¢ per share for the second quarter, better than Goldman’s forecast of US94¢ and at the low end of the current consensus of US97¢, the analyst said in a note to clients.
“We believe this is another solid quarter from PG with healthy fundamentals and no areas for concern,” she wrote, adding that the shares could react negatively given their recent strength.
The stock fell as much as 5% on Tuesday morning.
PG is a member of Goldman’s Americas Buy List.
PG 1-yr chart: