UPDATE: Morgan Stanley Downgrades Energizer Holdings to Equal-Weight Following Outperformance

Morgan Stanley downgraded Energizer Holdings

from Overweight to Equal-weight. Morgan Stanley said, "We are downgrading ENR to Equal-weight after stock outperformance (ENR is up 34% since August 14 vs. +7% for the S&P 500). In addition, while we expect Q1 EPS upside, we see FY13 topline risk. Long term, we also believe ENR will need to reinvest more of its cost savings than the market expects." Energizer Holdings closed at $87.52 on Friday.