UPDATE: Gabelli & Company Downgrades Church & Dwight to Hold

Gabelli & Company lowers its rating on Church & Dwight (NYSE: CHD) to Hold from Buy primarily based on valuation. Target price on shares is now $53 based on 2013 estimates.

Gabelli & Company comments, " CHD is well positioned in diverse categories and continues to shift its focus to faster-growing, higher margin businesses to drive double-digit EPS growth over the next five years. The company will benefit from the new California manufacturing facility and other cost saving initiatives. Competitive activity, lower consumer spending and raw material costs remain risks, the targets laid out this year are achievable and there is further upside to these estimates if it were to make one or several acquisitions."

CHD closed at $47.63 a share on Tuesday.