Procter & Gamble Evidences Prowess in Q1 Against Hardy Inflation and an Ailing Macro Backdrop

After wading through its first-quarter results, we don't anticipate a material change to our $126 fair value estimate for wide-moat Procter & Gamble, as a sizable decay in near-term sales on unfavorable foreign exchange and the positive impact of time value largely offset. Shares strike us as fairly valued at present (even considering the low-single-digit percentage bump on the print), but we suggest investors keep an eye on this competitively advantaged name for a potential downdraft in the stock price related to industry angst.