UPDATE: Jefferies Initiates Coverage on Church & Dwight Co. with Buy Rating, $72 PT on Buying Opportunity Created by Near-Term Worries

In a report published Tuesday, Jefferies analyst Kevin Grundy initiated coverage on Church & Dwight Co. CHD with a Buy rating and $72.00 price target. In the report, Jefferies noted, “We are initiating coverage of Church & Dwight with a Buy rating and establishing a $72 price target (17% upside). We see P&G laundry risk as overblown, rebounding fundamentals in FY14, and upward revisions to Street estimates returning CHD's premium multiple. Longer-term, we see CHD as well managed, strong stewards of shareholder capital, and - despite market skepticism - well positioned to continue to drive margin improvement.” Church & Dwight Co. closed on Monday at $61.78.