UPDATE: Jefferies Initiates Coverage on Energizer Holdings with Hold Rating, $91 PT as Risk Factors Still Warrant Near-Term Caution

In a report published Tuesday, Jefferies analyst Kevin Grundy initiated coverage on

with a Hold rating and $91.00 price target. In the report, Jefferies noted, “We are initiating coverage of Energizer with a Hold rating and establishing a 12-month price target of $91. Our SOTPs suggests 4% downside in the shares. Despite consensus estimates moving lower post 3Q and restructuring savings to soften the blow, our bias remains to the downside given competitive pressures, secular headwinds in ENR's household business, and the necessity for greater investment to address anemic top-line trends.” Energizer Holdings closed on Monday at $94.50.