Colgate-Palmolive Co: Reiterate OW: Brushing Up — ST OSG Upside Has Teeth, LT Outlook Also Looking Brighter

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Colgate-Palmolive Co: Reiterate OW: Brushing Up — ST OSG Upside Has Teeth, LT Outlook Also Looking Brighter

Idea

May 28, 2026 09:30 AM GMT

Morgan Stanley & Co. LLCMColgate-Palmolive Co | North America Dara Mohsenian, CFA

Equity Analyst

Reiterate OW: Brushing Up — Dara.Mohsenian@morganstanley.comEric A Serotta, CFA +1 212 761-6575

Eric.Serotta@morganstanley.com +1 212 761-2370

ST OSG Upside Has Teeth, LT Patty Kanada, CFA

Patty.Kanada@morganstanley.com +1 212 761-1019

Outlook Also Looking Brighter Josh Haubenstock

Research Associate

Josh.Haubenstock@morganstanley.com +1 212 761-1059

We rate CL OW with rebounding ST OSG potential above Kenneth Tan

consensus on top of favorable LT factors & with relative EPS Research Associate

Kenneth.Tan@morganstanley.com +1 212 761-4954

visibility vs. HPC peers with higher costs above spot prices in

guidance, favorable FX, and OSG upside. With OSG inflecting to Colgate-Palmolive Co (CL.N, CL UN)

Top Pick

3-4% long term, we expect further multiple expansion. Household & Personal Care | United States of America

Reiterate OW as Top Pick: We are reiterating our OW rating on CL, with further Stock Rating Overweight

Industry View In-Line

confidence in our thesis laid out in our January note "Moving to Top Pick in HPC with Price target $100.00

Potential Inflection in OSG Above Peers in 2026 and Solid EPS Visibility" with four Shr price, close (May 27, 2026) $91.29

Mkt cap, curr (mm) $73,304

key points here: 1) We expect a short-term OSG re-acceleration above consensus 52-Week Range $99.30-74.55

in 2Q/3Q. 2) The ST rebound is on top of long-term OSG drivers that drive both Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

higher CL growth than peers and a return to the 3-4% OSG level LT. 3) CL offers EPS ($)** 3.70 3.78 3.99 4.32