UPDATE: Credit Suisse Downgrades Church & Dwight Co. to Neutral, Raises PT as Valuation is Starting to Reflect Future M&A

In a report published Wednesday, Credit Suisse analyst Michael Steib downgraded the rating on Church & Dwight Co. CHD from Outperform to Neutral, but raised the price target from $63.00 to $66.00. In the report, Credit Suisse noted, “We argue that the current share price is starting to reflect not only successful delivery of the company's financial targets (which we don't argue with), but increasingly an accretive acquisition, which investors have no visibility on. We think that upside from any widely-expected M&A announcement, if and when it does occur, is therefore more limited at this point. We raise our PT to $66.” Church & Dwight Co. closed on Tuesday at $68.39.