Energizer Holdings Inc (ENR)

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Why is Energizer Holdings Inc (ENR) Stock down?

We've noticed a 5.96% decline in Energizer Holdings Inc (ENR) stock during the 2024-02-13 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!

15 Nov, 2023:

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:

RBC Capital reduced the price target on Energizer from $40 to $38 and downgraded the stock from Outperform to Sector Perform.
Truist Securities increased the price target on Energizer from $35 to $40 and maintained a Hold rating.
Morgan Stanley analyst Dara Mohsenian downgraded Energizer from Equal-Weight to Underweight and set a $33 price target.
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.