Follow-Up: Soft Q4, Reasonable FY27 Guidance: Procter & Gamble Co. | North America

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Follow-Up: Soft Q4, Reasonable FY27 Guidance: Procter & Gamble Co. | North America

Idea

July 30, 2026 02:15 AM GMT

Morgan Stanley & Co. LLCMProcter & Gamble Co. | North America Dara Mohsenian, CFA

Equity Analyst

Follow-Up: Soft Q4, Reasonable Dara.Mohsenian@morganstanley.comEric A Serotta, CFA +1 212 761-6575

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

FY27 Guidance Patty Kanada, CFA

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

We are OW PG, with potential progress on OSG in FY27 post Josh Haubenstock

execution changes/recent reinvestment, and reasonable FY27 Research Associate

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

guidance while acknowledging muted underlying OSG, and a Kenneth Tan

competitive HPC pricing environment, with PG leaning on ResearchKenneth.Tan@morganstanley.comAssociate +1 212 761-4954

productivity more than pricing to offset cost pressure.

Procter & Gamble Co. (PG.N, PG UN)

Prudent FY27 Guidance, Key From Here is OSG Improvement: FQ4 was a soft Household & Personal Care | United States of America

quarter with flat OSG, or ~2.5% consumption growth, and FY27 guidance was muted Stock Rating Overweight

Industry View In-Line

as expected (Q1 EPS guidance was also below consensus). After the market digested Price target $166.00

the news (with PG's stock off -1.9% vs a -1.5% S&P decline), we see the glass half full Shr price, close (Jul 29, 2026) $146.10

Mkt cap, curr (mm) $352,689

going forward, with reasonable FY27 guidance, enabled by productivity under PG's 52-Week Range $167.25-137.63

restructuring, and improving OSG prospects going forward as timing issues from Fiscal Year Ending 06/26 06/27e 06/28e 06/29e

FQ4 ease, and underlying trends potentially improve after execution improvements EPS ($)** 6.89 7.00 7.39 7.81