Church & Dwight upgraded to Neutral from Underweight at Atlantic Equities

Atlantic Equities analyst Edward Lewis upgraded Church & Dwight to Neutral from Underweight with an $80 price target. The company has come through a "challenging period," with sales declining at key brands and gross margins contracting for three consecutive years, the analyst tells investors in a research note. However, these headwinds will begin to abate in the first half of 2023 with gross margins expected to expand and sales growth to accelerate through the year, contends the firm. The analyst sees a more balanced risk/reward following the stock’s recent underperformance.