UPDATE: Citi Lowering Price Target On Energizer Holdings
Citi Investment Research is out with a research report on Energizer Holdings Inc (NYSE: ENR) and is lowering its price target to $86 from $95. It still rates shares at Buy.
In a note to clients, Citi Investment Research writes, "Hurricanes that come on shore and quickly dissipate (as is often the case in the Gulf of Mexico, for example) generally have less of an impact on battery category sales, as the area affected by the hurricane is relatively small. However, for a hurricane that travels up the Eastern seaboard, there is a bigger group of folks either preparing for or potentially actually affected by a hurricane. With Irene, given the heavy population density of the northeastern U.S., we suspect the boost to category sales could be meaningful. That said, to the extent that power outages from the hurricane are limited, this could lead to pantry-stocking of battery inventory, which will likely pressure sales in the next quarter."
Shares of ENR are up $1.46 to $75.09 in mid Friday trading.
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