Two brokerages raise Energizer PT after profit beat, cost savings plan

Energizer Holdings

16/11/2022 15:29

** At least two brokerages raise PT for battery manufacturer
Energizer Holdings Inc.  ENR.N  following Q4 adj profits beat
and in-line FY23 EPS forecast 
    ** J. P. Morgan raises PT to $30 from $27; maintains
'neutral' rating 
    ** New PT implies a downside of ~6% on last close vs
previous PT's downside of ~15% 
    ** Says co's Q4 profits beat with higher sales and
lower-than-expected tax rate 
    ** Morgan Stanley increases PT to $33 from $32; remains
'equal weight' on co 
    ** New PT implies an upside of ~4% on last close vs previous
PT's upside of less than 1% 
    ** Says PT increase comes with higher FY23 EPS estimate for
co on cost saving plans expected to bring ~$30 mln to $40 mln in
savings by FY23 end
    ** Co on Tuesday reported an adj Q4 EPS of 82 cents vs
analysts' estimates of 78 cents - Refinitiv IBES 
    ** ENR sets FY23 adj EPS forecast in the range of $3 to
$3.30, the mid-point of which is in line with estimates of $3.15
- Refinitiv IBES 
    ** Including session moves, the stock is down ~23% YTD 
 (Reporting by Anirban Chakroborti in Bengaluru)
 ((Anirban.Chakroborti@thomsonreuters.com;))