UPDATE: Credit Suisse Reiterates Neutral Rating, Raises PT on Church & Dwight Co. as Fewer Headwinds are Expected in FY15

In a report published Wednesday, Credit Suisse analyst Michael Steib reiterated a Neutral rating on Church & Dwight Co. CHD, and raised the price target from $75.00 to $82.00. In the report, Credit Suisse noted, "CHD finished the year with strong organic sales growth of 5.2% in 4Q14, but missed slightly on EPS, partly due to lower gross margins. For FY14 as a whole, CHD delivered organic sales growth of 3.5% and a gross margin decline of 90bps (versus an initial expectation of flat margins) due to a very competitive pricing and promo environment. For 2015, CHD expect 2-3% organic growth, about 8% underlying EPS growth, and modest gross margin expansion. All in, we think CHD are successfully navigating a challenging environment but would argue that this is fully reflected in the stock's valuation of 25x FY15 EPS. We are adjusting our FY15 and FY16 estimates to $3.25 and $3.54 and increasing our target price to $82." Church & Dwight Co. closed on Tuesday at $82.69.