We downgrade to neutral (stock is up ~16% since our upgrade in Mar-18), as we believe near term recovery is priced-in. We value Colgate based on P/E of 35x on Mar-20 EPS to arrive at a TP of 1,203. Colgate registered 5/4% revenue/volume growth vs. expectation of 11/6%. Soft commodity inflation, favorable base & cost control initiatives drove healthy EBITDA/PAT growth of 26/26% (expectation 16/20%).