Citi Downgrades Energizer (ENR) to Neutral Citing Valuation

Citi downgraded Energizer (NYSE: ENR) from Buy to Neutral with a price target of $64.00 (from $52.00).

Analyst Wendy Nicholson offers four reasons to step to the sidelines:

1. Stock’s valuation looks full (now at 15x our pro forma CY19 EPS estimate, which is lower than the HPC average, but justifiably so in our view given the tepid growth rate of the global battery category)
2. Fiscal 2018 will have tougher comps
3. Recent U.S. Nielsen data has been okay, but not great
4. Duracell seems to maybe be back on offensive

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 $59.11 yesterday.

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