Church & Dwight (CHD) is well positioned to deliver growth despite a "difficult" macroeconomic environment, supported by its mix of value and premium brands, strong volume growth and disciplined acquisition strategy, RBC Capital Markets said in a June 1 report following meetings with the company's management team.
Church & Dwight's portfolio is benefiting from consumer "trade-down" trends, particularly through brands such as Arm & Hammer in laundry and litter, making the company an outlier among consumer packaged goods peers, the report said.
The firm highlighted multiple growth drivers, including distribution gains, international expansion, innovation and mergers and acquisitions. RBC also views Church & Dwight's recently announced $325 million acquisition of stain remover brand Miss Mouth's Messy Eater favorably, citing opportunities to expand the brand's retail presence.
RBC also identified Therabreath and Hero as key "growth engines" and said the company remains prepared to capitalize on emerging trends, including artificial intelligence and evolving consumer behavior, according to the report.
RBC has an outperform rating on Church & Dwight, with a price target of $114, adding that the company "remains one of our top ideas."
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