Jefferies reiterated a Hold rating on Energizer Holdings (NYSE: ENR), and raised the price target to $45.00 (from $42.00), following the company's 2Q earnings report. ENR's topline came in 6% ahead of Street estimates thanks to organic sales of +0.5%. EPS also beat consensus at $0.30 vs. $0.21.

Analyst Kevin Grundy commented, "We maintain our Hold rating for ENR following better than expected 2Q and raised FY16 EPS guidance (largely on FX, lower tax rate). Although 1H16 stability is encouraging, a portion of 2Q upside is likely to reverse in 2H16 (retailer de-stocking). Valuation at 9.7x EV/EBITDA is undemanding and 2Q offers further evidence of an improving industry profit pool, though SPB (16.2x EV/ULFCF) remains our preferred way to play this trend. Hold, PT to $45."

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Shares of Energizer closed at $45.47 yesterday.