Morgan Stanley downgraded Church & Dwight to Equal Weight from Overweight with an unchanged price target of $110. The firm sees Church & Dwight as fairly valued after the stock’s stock outperformance. The stock’s incremental catalysts have already played out and the U.S. pricing environment in consumer goods and personal care for weakening, where Church & Dwight is skewed at 83% of sales mix, the analyst tells investors in a research note. Morgan Stanley says its prior Overweight thesis has played out.
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