UBS Downgrades Energizer (ENR) to Neutral

UBS analyst Peter Grom downgraded Energizer (NYSE: ENR) from Buy to Neutral with a price target of $34.00 (from $36.00).

The analyst comments "We are downgrading shares of ENR to Neutral from Buy. Even with shares trading off 10% over the recent days, we believe the risk/reward is no longer attractive as current valuation remains above recent history (10.3x NTM P/E vs. 2-yr average of 9.9x). The volatile category backdrop for ENR leads us to lower our FY24 EPS estimate to $3.13 (down from $3.25), which is towards the low end of the company's guidance range and still 2% below consensus. For us to become more constructive again, we would need to gain greater confidence in the company's ability to more than deliver on their earnings targets and/or a more attractive entry point."

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 $32.18 yesterday.

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