Church & Dwight (CHD) PT, Estimates Trimmed at Jefferies; Issues Seen as Transitory
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Jefferies analyst Kevin Grundy lowered estimates and his price target on Church & Dwight Co. Inc. (NYSE: CHD) to $53.00 (from $59.00) but maintained a Buy rating. The analyst said transitory issues weighed on Q3 results.
Grundy commented, "Despite in-line EPS of $0.47, CHD's 3Q wasn't its finest with 1.2% org sales falling short of Street est. (+2.5%) driven by the unfavorable impact from falling milk prices on the non-core SPD biz (~100 bps of miss). 3Q shortfall was transitory (reflected by in-line FY17 EPS guide) and we see today's sell-off as overdone with shares at 19.5x EV/ULFCF (10% disc. to staples). PT to $53."
FY 2016 EPS goes from $1.80 to $1.75 and FY 2017 EPS from $1.96 to $1.89.
Shares of Church & Dwight Co. Inc. closed at $44.12 yesterday.
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