Jefferies analyst Kevin Grundy raised estimates and his price target on Buy-rated Energizer (NYSE: ENR) to $167.00 (from $165.00) following Q2 results. The firm said the re-rating thesis is intact.

Grundy commented, "We continue to believe that ENR remains one of the best potential re-rating stories in the group following strong 2Q EPS upside. There were no big surprises in the qtr as modest revs downside was generally expected, and was more than offset by increased productivity. FCF (and likely dividend) yield attributes in h-hold, as well as strategic considerations in p-care, remains under-appreciated. Raising FY15-17e EBITDA by c. 2% on 2Q upside, PT goes to $167."

FY 2015 EPS goes from $7.38 to $7.44 and FY 2016 EPS goes from $7.94 to $8.02.

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Shares of Energizer closed at $140.56 yesterday.