Procter & Gamble (PG) saw further sequential improvement in US market share trends, RBC said in a Wednesday note after an update to its market share tracker for the company.

The tracker monitors PG's market share trends across key categories and areas of share pressure as the trends tend to drive its relative share price performance, the note said.

For the September quarter through Aug. 9, its US weighted aggregate market share improved 25 basis points, against a decline of 9 bps in the June quarter, the report said.

It said Baby Care, Fabric Care, and Hair Care improved, while Family, Grooming & and Oral Care remain challenged.

"PG's Q1'27 cons. org sales +1.7% seems reasonable at this point as we don't expect such a material disconnect between sell-out/sell-in as last quarter," the note said.

RBC kept its outperform rating with a price target of $167.

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