Jefferies Cuts Price Target but Remains Positive on Energizer Holdings (ENR) Post Analyst Day

Jefferies maintains a Buy rating on Energizer (NYSE: ENR), but cuts the price target to $165.00 (from $167.00), following an analyst day. Analyst Kevin Grundy believes that the risk/reward remains favorable.

Grundy commented, "We believe the risk-reward remains favorable at ENR post the co.'s Analyst Day in NYC. Despite some modest negatives (lower dividend than we had expected in h-hold, higher initial tax rates in both PC and h-hold), there were no big surprises with respect to targets or strategies. We believe FCF yield attributes in h-hold, as well as strategic considerations in p-care, remain under-appreciated. Edging down our FY16-17e EBITDA by c. 2% largely on FX. PT to $165."

For an analyst ratings summary and ratings history on Energizer click here. For more ratings news on Energizer click here.

Shares of Energizer closed at $140.31 yesterday.

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