Procter & Gamble (PG) has teamed up with the National Aeronautics and Space Administration (NASA) to work on a formula that will allow astronauts to do laundry while on a mission. The two are testing a degradable version of Tide, the detergent being used by millions, for laundry operations in space. PG shares fell 0.84% to close at $162.83 on January 6.
P&G designs, manufactures, and distributes beauty, grooming, healthcare, and baby products. It also deals in feminine & family care products. Procter & Gamble’s earnings report for Fiscal Q2 2022 is scheduled for January 19, 2022.
Degradable Tide
The first shipment of the degradable Tide detergent was shipped to space on a SpaceX rocket late last year. Its performance is currently undergoing tests. Currently, there are no laundry solutions available for astronauts in space.
Astronauts have to wear clothes several times and replace them with new ones delivered on resupply. Procter & Gamble is offering a degradable Tide that is optimized for use in about 15 liters of water on a 10-pound load of laundry, instead of using up to 77 liters while washing at home.
By offering a detergent that ensures astronauts can do laundry while in space, Procter & Gamble hopes to address the limited cargo capacity. Additionally, it should address the replenishment problem of longer trips.
Stock Rating
In mid-December, Evercore ISI analyst Robert Ottenstein reiterated a Buy rating on P&G with a $163 price target. This implies that shares are fully valued at current levels.
Consensus among analysts is a Moderate Buy based on 3 Buys and 3 Holds. The average Procter and Gamble price target of $155 implies 4.81% downside potential to current levels.
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