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CIBC World Raises Procter & Gamble Estimates

CIBC World raised its estimates on Procter & Gamble (PG).

Analyst Joseph Altobello says P&G's move to raise dividends by 10% marks the second increase in fiscal 2004 (Jun.) He says driving the strong performance is broad-based sales growth of 20% (10% organic), 10% volume growth, due in part to strong health and beauty care, and developing market sales.

Altobello says the consumer-products giant remains among his top picks due to its overall balance sheet consistency, recent solid performance, and expectations of continued strength. He raised the $4.57 fiscal 2004 earnings per share estimate to $4.60, and upped the $5.04 fiscal 2005 estimate to $5.10. He raised the $110 target to $115, and maintains his sector outperform rating.

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