Zacks Investment Research downgraded shares of Energizer Holdings Inc. (ENR) from OUTPERFORM to NEUTRAL on February 17, 2014, with a target price of $102.00.
Energizer started fiscal 2014 on a dismal note. Not only did the company miss the Zacks Consensus Estimate on both lines but also guided lower. Management toned down earnings per share guidance by $0.25 citing weakness in both household products and personal care segment. Although the newly acquired feminine brands from Johnson & Johnson will somewhat boost the top line, intensifying competition, pricing pressure and retail shelf loss will negatively affect top-line growth in 2014. Higher advertising & promotion expenses coupled with additional restructuring charges will also hurt profitability, going forward. Thus, we downgrade Energizer from Outperform to Neutral and set a price target of $102.00.
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