Kimberly Clark (NYSE:KMB) made significant headway in the expansion of gross margins in the fourth quarter, impressing Jefferies.
Jefferies said they "are impressed with management's ability to expand gross margins in the 4Q given the difficult consumer environment in developed markets coupled with rampant input cost inflation, 2011 appears to be shaping up as one of restructuring and continued below-trend growth."
They set full year EPS estimates for 2011 and 2012 at $4.95 and $5.30.
Jefferies reiterates their "Hold" rating on Kimberly Clark (KMB), which closed Thursday at $65.13, level with the close on Wednesday. Jefferies raised their price target on Kimberly from $67 to $70.
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