Jefferies Starts Energizer (ENR) at Buy

Jefferies initiates coverage on Energizer (NYSE: ENR) with a Buy rating and a price target of $45.00.

Analyst Kevin Grundy commented, "Following its spin-off from EPC, we are initiating coverage of ENR with a Buy rating and $45 PT (26% potential TSR). Trading at a c. 30% discount to the group at 14.6x EV/unlevered FCF, secular pressures well understood, though margin levers under-appreciated, ENR reminds us of similar slow/steady profit growth stories that have re-rated in staples. Favorable risk-reward with far better likelihood of re-rating than multiple compression from current levels."

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 $36.65 yesterday.

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