JPMorgan downgraded Energizer to Underweight from Neutral with an unchanged price target of $33. The analyst cites the company’s weaker than anticipated guidance for Q1 and fiscal 2024 as well as a more cautionary tone in regards to consumer down-trade into value, in particular online in the U.S., for the downgrade. The firm believes there could be further downside risk to the flat fiscal 2024 volume outlook. JPMorgan wants more visibility on Energizer’s volume inflection from a weak start of fiscal 2024 amid a weaker consumer environment.
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