P&G announced a couple weeks ago that they are cutting up to 7,000 jobs over the next two years, which is about 6% of their global workforce. They are also ending some products in certain markets. The CFO said it is about long term efficiency, not just the near term challenges, but those challenges are real. Tariffs are raising costs for everything from wood pulp to packaging, and consumers are getting nervous about spending. The stock has been drifting a bit, down from around 149 in early May to about 144 now. Bernstein just started coverage with a neutral rating and a 156 target, saying pressure from cheaper store brands is not going away anytime soon. I am not sure I like any of it.
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