Jefferies Raises Price Target on Church & Dwight (CHD) to $112; Reiterates Buy
Jefferies reiterated a Buy rating on Church & Dwight Co. Inc. (NYSE: CHD), and raised the price target to $112.00 (from $106.00), following the company's 1Q earnings report. CHD reported organic sales of +5.2%, ahead of the Street's estimate of +3.1%. Management raised FY16 org sales guidance to +3-4%
Analyst Kevin Grundy commented, "We continue to recommend CHD post a strong 1Q (5.2% org sales, 10% FX-neut EPS) and raised FY16 org sales. Mgmnt sounded bullish on category growth (+ in 11 of 15 categories in 1Q) and CHD's share trends (6 of its 10 Power Brands grew share). CHD remains a core holding with strong mgmnt, high EPS visibility, M&A "optionality", and attractive valuation at > 5% discount to bestin-class peers at 21x EV/ULFCF. Raising our FY16-18 EPS est. by <1%. PT to $112."
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Shares of Church & Dwight Co. Inc. closed at $95.12 yesterday.