Procter & Gamble's (PG) top and bottom lines are expected to be below consensus, reflecting destocking impacts in the US, slower global growth and continued investments to support the business, RBC Capital Markets said in an earnings preview Monday.

"For the rest of the year, we see destocking impacts and broader macro pressures resulting in slower topline growth and pushing numbers below current guidance ranges," the firm said ahead of the company's fiscal Q3 results.

RBC said the company is putting plans in place to support the low end of guidance ranges, but "what it will take to hold the low end has become a fast-moving target" due to the current volatility.

"PG also plans to protect investments for innovation in H2 which may lead to a slightly below guidance range outcome on the bottom line," the firm said.

RBC maintained sector perform rating on the stock and $164 price target.

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