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P&G rises on upgrade
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April 4, 2000: 2:45 p.m. ET
Shares rise amid Dow's turmoil as analyst says stock sell-off 'is behind us'
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NEW YORK (CNNfn) - An analyst upgrade Tuesday helped push up shares of consumer products maker Procter & Gamble Co., which were battered last month after the company issued a rare earnings warning.
Shares of the Cincinnati-based maker of Tide detergent and Ivory soap rose 1-13/16, or 3 percent, to 61-5/16 in afternoon trading, off earlier session highs. P&G was one of the few Dow industrial stocks that traded in positive territory on a tumultuous day on Wall Street.
P&G stock has fallen about 46 percent from its 12-month high of 118-3/8. Shares tumbled after the company warned March 7 that earnings for the rest of the fiscal year would fall short of expectations because of price pressures and higher costs for raw materials.
Earlier Tuesday, Donaldson Lufkin & Jenrette upgraded P&G (PG: Research, Estimates) stock to "buy" from "market performer," and set a 12-month price target of $70 to $75 per share.
 DLJ analyst Alice Beebe Longley said the stock is "oversold within its group, and its problems should be more solvable than the market currently reflects."
She said the selling of P&G shares "is now behind us."
Other stocks in the sector also rose Tuesday.
Shares of Johnson & Johnson (JNJ: Research, Estimates), also a Dow component, rose 2-1/16 to 74-5/16, while Unilever (UL: Research, Estimates), the world's largest consumer products manufacturer, rose 1-1/8 to 27-1/2. 
-- from staff and wire reports
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Procter & Gamble
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