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ST Robinson Cuts Colgate Outlook

ST Robinson Humphrey cut its estimates on Colgate-Palmolive (CL).

Analyst William Chappell says Colgate pre-announced it expects third-quarter results to be below expectations. It says management noted volume was strong, up 7%, and new products are gaining market share. However, marketing and commodity costs were higher than expected.

Chappell says the news is disappointing and believes it lowers management's credibility. He cut the $2.62 2004 earnings per share estimate to $2.42, and cut the $2.95 2005 estimate to $2.75. He maintains the buy rating.

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