Deutsche Bank Maintains a 'Buy' on Energizer (ENR), Slashes Price Target
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Deutsche Bank maintains a 'Buy' on Energizer (NYSE: ENR), but lowers price target from $94 to $70.
Deutsche analyst says, "Given recent dollar rally, earnings growth for the group will be under pressure next year and Energizer is no exception. With many dollar denominated costs, transaction and translation hit should be material, with uncertain battery consumption trends looming. However, even with the negative earnings revision, we think stock is too cheap to give up here...Guidance for next year reflects a toxic stew of higher input costs, negative currency transaction and translation hit, category slowdown and private label growth, but at current valuation off lowered numbers, we believe most is in the stock provided numbers come down enough."
Energizer Holdings, Inc., through its subsidiaries, manufactures primary batteries, flashlights, and mens and womens wet-shave products.
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