10:39 AM EDT, 07/29/2024 (MT Newswires) -- Colgate-Palmolive's ( CL ) strong Q2 results confirmed its sustained organic sales growth outperformance compared with peers, Morgan Stanley said in a note Monday.

Colgate-Palmolive ( CL ) reported higher non-GAAP earnings and revenue in the quarter which also beat market expectations.

"Most importantly, [Colgate-Palmolive ( CL )] posted a much sharper inflection in magnitude of volume growth than expected (even with a caveat of weaker than expected pricing), which is likely to far exceed key peers yet to report," Morgan Stanley said.

Morgan Stanley said Colgate-Palmolive ( CL ) is its household products "top pick," adding that it sees several positives for the company going forward.

These include stronger volume growth than peers, continued market share gains and defensive product categories, the investment bank said.

Morgan Stanley lifted Colgate-Palmolive's ( CL ) price target to $111 from $103 and maintained its overweight rating.

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