UPDATE: Deutsche Bank Raises Target to $47 on Church & Dwight

Deutsche Bank reiterates its Hold rating on Church & Dwight

and raises its price target by $7 to $47 on the company's strategic position to overcome the downturn. Deutsche Bank says, "Downturn prophylactic. Company has build a highly defendable, margin expanding business model focusing on the value tier of large household product categories and niche, premium personal care. However, with shares resilient despite cost inflation, heightened competitive battles and US category growth deceleration, we believe shares are fully valued here and maintain Hold, raising target to $47." CHD closed at $47.63 a share on Tuesday.