Energizer downgraded to Neutral from Buy at UBS

UBS analyst Peter Grom downgraded Energizer to Neutral from Buy with a price target of $34, down from $36. Even with the shares trading off 10% over the recent days, the risk/reward is no longer attractive as Energizer’s current valuation remains above recent history, the analyst tells investors in a research note. The firm says the volatile category backdrop for Energizer leads it to lower estimates towards the low end of the company’s guidance range and still 2% below consensus. It needs to gain greater confidence in the company’s ability to more than deliver on its earnings targets and/or a more attractive entry point to get constructive again.