Energizer Holdings Inc (ENR)

Shares of Energizer Holdings (ENR) dropped by 6.76% from $36.12 to $33.68 in the trading on Wednesday, Novemeber 15, 2023. The reason why ENR is down today is due to analyst revisions following Energizer's fourth-quarter results.

• Fourth-Quarter Results: Energizer Holdings reported better-than-expected results for the fourth quarter of FY23. The company's sales for the quarter increased by 2.6% year-on-year, reaching $811.10 million, surpassing the consensus estimate of $794.58 million. Additionally, Energizer reported an adjusted EPS of $1.20, exceeding the analyst consensus of $1.13.
• FY24 Guidance: Energizer Holdings provided guidance for FY24, with an expected adjusted EPS range of $3.10 to $3.30, compared to the estimated $3.36. The company also projected organic revenue to be flat to down low-single digits.
• Analyst Revisions: In response to the earnings announcement, several analysts made changes to their price targets on Energizer:

1. RBC Capital reduced the price target on Energizer from $40 to $38 and downgraded the stock from Outperform to Sector Perform.
2. Truist Securities increased the price target on Energizer from $35 to $40 and maintained a Hold rating.
3. Morgan Stanley analyst Dara Mohsenian downgraded Energizer from Equal-Weight to Underweight and set a $33 price target.
4. JP Morgan analyst Andrea Teixeira downgraded the stock from Neutral to Underweight and announced a $33 price target. The collective impact of these analyst revisions likely contributed to the decline in Energizer's share price.