Procter & Gamble (PG) shares will be underpinned by the steady fiscal year outlook after "better-than-feared" Q2 results proved to be "good enough," UBS Securities said Wednesday in a report.

"We expect the feasibility of the H2 ramp will continue to be debated to a degree, but in an environment where top and bottom-line momentum for many staples companies is not trending in the right direction, we think the sequential improvement narrative will continue to drive shares higher in the coming months," UBS said.

The UBS earnings estimate for the fiscal year remained at $6.91 a share. Procter & Gamble on Wednesday maintained its fiscal 2025 core EPS guidance of $6.91 to $7.05.

Fiscal Q2 results rose more than expected by analysts, buoyed by revenue gains across the majority of business segments.

UBS maintained its buy rating on Procter & Gamble with a $189 price target.

Price: 165.50, Change: +0.76, Percent Change: +0.46