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Fly News Breaks for December 10, 2019
Dec 10, 2019 | 07:57 EDT
JPMorgan analyst Andrea Teixeira downgraded Church & Dwight to Underweight from Neutral with a price target of $65, down from $74. Some of the company's recent pricing actions may continue to have volume implications over the next few quarters, Teixeira tells investors in a research note. She believes that Church & Dwight's "long-cycle of outperformance and market share gains at risk," the stock will de-rate from its current premium to peers back to the average over the past five years. The analyst also thinks the company's most recent acquisitions will prove less accretive to growth as devices/tools are in categories that have less recurrence of purchases or parts re-ordering, and are less scalable against its predominant channels. In addition, consensus estimates for Church & Dwight's 2020 are too high, contends Teixeira.
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