UPDATE: Citi Downgrades Energizer (ENR) to Neutral
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Citi analyst Wendy Nicholson downgraded Energizer (NYSE: ENR) from Buy to Neutral with a price target of $51.00 (from $47.00).
The analyst comments "The stock has climbed 15% YTD and has attained our prior target price. Going forward, we are marginally more concerned about mounting cost pressures facing ENR and the potential for the battery category to become more promotional / competitive as a result of ENR’s recent market share gains. Given the ongoing uncertainty related to COVID-19 (it is hard to ascertain the real impact of the pandemic on ENR’s past and future results), and a history of somewhat choppy results at ENR, we prefer to take a wait-and-see approach with respect to company execution in what could be a more challenging fiscal 2H21."
Shares of Energizer closed at $48.73 yesterday.
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