Bernstein puts a number to the sum-of-the-parts talk on Procter & Gamble (NYSE:PH).
The analyst team thinks P&G is worth $104 based off of M&A comparables and some operational improvements due to a smaller scale factored in. The $104 valuation on Procter is 37% higher than yesterday's closing price of $75.76.
Bernstein has an Outperform rating on Procter & Gamble.
Source: Bloomberg, MarketWatch