Evercore ISI lowered the firm’s price target on Church & Dwight to $101 from $110 and keeps an In Line rating on the shares. C&D guided down Q3 sales and EPS to reflect slowing category growth in the U.S., but the firm’s analyses of the underlying U.S. market and competitive dynamics up to the first two weeks of July support the case that Church’s guidance might be conservative and that management budgeted “dry powder” to respond to risks, though the firm is following guidance and lowered its Q3 EPS estimate and price target.
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