Church & Dwight upgraded to Buy by Deutsche Bank

Deutsche Bank upgrades Church & Dwight (CHD) to Buy from Hold and raises its PT to $66 from $64.

Analyst Bill Schmitz believes that sustainable growth (3-4% organic sales, high single digit EBIT, and double-digit EPS), a fast growing Avid vitamin business, and a "highly flexible" balance sheet will enable further M&A transactions and/or greater returns to shareholders.

CHD's underperformance relative to peers and a tempered Street outlook for 2014 provides an "opportunistic window to own shares at a reasonable entry point," concludes Schmitz.

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