Argus upgrades Church & Dwight to Buy, sees benefit from consumer trade-down

Argus analyst Kristina Ruggeri upgraded Church & Dwight to Buy from Hold with a $78 price target. The analyst is positive on the company having made progress in resolving its supply-chain and production issues and expects its fill rates to return to normal by the end of the year. Church & Dwight has also seen market share gains for its lower-priced "value" products as consumers trade down from more expensive products in an inflationary environment and should also benefit from strong sales of power brand Zicam, an OTC cold remedy, amid expectations for a severe flu season, Ruggeri adds.