UPDATE: J.P. Morgan Raises PT on Church & Dwight to $81 (CHD)

J.P. Morgan is out with its report today on Church & Dwight CHD, raising its PT from $77 to $81. In a note to clients, J.P. Morgan writes, "We rate Church & Dwight a Neutral. While we think that fundamentals will improve as CHD goes through 2011, we do not find the stock's valuation of 17.5x our NTM estimates particularly compelling. It seems as though continued good news is priced in. The stock is trading at a mid-teens premium to its HPC peers, similar to its premium over the past two years. We are raising our December 2011 price target to $81 from $77, as we are now assuming the stock will trade at 17x our calendar 2012 forecast (up from 16x), close to its current multiple." Shares of CHD closed Friday at $78.90, down 3.78% from Thursday's close.