Procter & Gamble drops to more than two-year low after analysts cut price target

Procter & Gamble's PG.N shares fall 3.2% to $138.82, dropping to a more than 2-1/2-year low after analysts cut their price targets, citing headwinds to ongoing organizational improvement

PG is on track for biggest daily pct decline since April this year and lowest close since March 2023

"While a robust strategic framework and plan is in place to drive future growth and market share gains, short-term headwinds are undeniable (particularly here in FY2Q), and additional time will be required to fully operationalize improvement efforts now underway," said Deutsche Bank analyst Steve Powers after meeting PG management last week, including Jon Moeller (CEO who is set to become executive chairman) and Shailesh Jejurikar (COO & incoming CEO)

Jejurikar estimated that it would take a full 12-18 months to advance organization capabilities to where he aspires (slightly faster in the U.S., followed by subsequent rollouts/implementation overseas)," Powers says

Deutsche Bank cut PG's PT to $171 from $176, while Barclays lowered theirs to $151 from $153

PG is down ~17.2% versus the S&P 500 consumer staples index .SPLRCS, which is up 1%