Energizer downgraded to Sector Perform from Outperform at RBC Capital

RBC Capital downgraded Energizer to Sector Perform from Outperform with a price target of $38, down from $40. The company reported fiscal Q4 results that appeared solid at face value, but this was largely due to a shift in holiday order timing that offset soft battery volumes, which declined otherwise, the analyst tells investors in a research note. The firm says the company issued “tepid” fiscal 2024. When combining new lower estimates with the stock’s recent rally, Energizer is now near fair value, contends RBC.