UPDATE: BMO Capital Markets Raises PT on Church & Dwight Co. After 4Q Results

In a report published Friday, BMO Capital Markets reiterated its Market Perform rating on Church & Dwight Co. CHD, and raised its price target from $59.00 to $62.00. BMO Capital Markets noted, “New product introductions and CEO Jim Craigie's more constructive tone about the M&A market were the highlights of the February 5 investor meeting and 4Q earnings. CHD reported 4Q EPS of $0.57 that met our estimate and consensus. Sales growth of 10.8% was below our estimate of 12.7%. The acquisition of Avid Heath contributed 9.8% to sales growth (it was EPS-neutral); excluding Avid, CHD's sales increased just 2.9%. Following what Craigie called a ‘very strong' January, CHD went to singlepoint EPS guidance of $2.79 (+0.14, from $2.74-$2.79); Avid should account for $0.13. 1Q guidance is 8% growth to $0.71-$0.72. New products include CHD's lead in the next round of liquid laundry detergent concentration and the launch of ‘Trojan, for a Crazy, Sexy Feel' lubricants. There's more activity in the M&A market, as CHD has made bids since the Avid purchase.” Church & Dwight Co. closed on Thursday at $59.00.