Jefferies analyst Kevin Grundy downgraded Procter & Gamble (PG) to Hold from Buy and lowered his price target for the shares to $79 from $83. The stock closed Friday up 12c to $79.31.

Slowing market growth, volatility in emerging markets, U.S. retail difficulties, the stronger U.S. dollar and "pricing challenges" should drive estimates lower, Grundy tells investors in a research note titled "Tide Unlikely to Turn: Downgrade to Hold as Bull Thesis Wanes."

While activist and strategic considerations remain, P&G's multiple can de-rate, the analyst contends. Grundy prefers shares of Church & Dwight (CHD) and Energizer (ENR) for exposure to the Home and Personal Care space.