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Procter & Gamble faces choppy months ahead, says Citi downgrading

Procter & Gamble’s products include Crest toothpaste.

Tiffany Hagler-Geard | Bloomberg | Getty Images

Investors should reduce oversized positions Procter & Gamble ahead of difficult spring and summer quarters, Citi said in a note to clients.

The bank downgraded the consumer staples giant to neutral after getting a strong earnings report and also lowered its price target for the share.

Procter & Gamble declared the results for the third quarter of the fiscal year Tuesday morning, posting earnings of $ 1.26 per share and $ 18.11 billion in revenue. Analysts polled by FactSet expected earnings per share of $ 1.19 and revenue of $ 17.96 billion.

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