Bank of America Reiterates Buy Rating, $105 PT on Energizer Holdings on Great March Quarter Beat

In a report published Wednesday, Bank of America analyst Christopher Ferrara reiterated a Buy rating and $105.00 price target on Energizer Holdings

. In the report, Ferrara noted, “ENR posted an enormous beat for the March quarter, with clean EPS of $1.80 on 0.3% organic sales growth. Surprisingly with a 53c (39%) beat of consensus, ENR is not raising the FY guidance, which was maintained at $6.75-$7.00. This guidance now implies a slight y/y decline in 2H13 EPS, despite the likelihood of 40c+ p/s in y/y savings coming through. Further, ENR raised its total FY13 savings forecast by $25m to $50-$60m, but noted that the increased FY13 savings would be offset by a more tempered organic sales growth outlook. ENR raised total program savings outlook to $225mil from $200, but noted that it would reinvest all of the savings upside.” Energizer Holdings closed on Tuesday at $96.59.