Ahead Of The Bell: EnerSys Upgraded To 'Buy'

NEW YORK (AP) — EnerSys Inc. received an upgrade from a Jefferies analyst Friday after shares of the industrial battery maker fell to what the analyst considers an attractive price.

Shares have tumbled since the company reported a sharp drop in its preliminary fiscal fourth-quarter earnings on Wednesday.

Jefferies & Co. analyst Paul Clegg said the recent stock sell-off presents a more deeply discounted stock price. He raised his stock rating to "Buy" from "Hold."

Clegg believes the company's recent decline in order volumes has come to a stop. That, along with ongoing cost cuts, will benefit the company in future quarters, he said.

Clegg raised his price target for EnerSys shares to $18 from $11.

The stock finished Thursday's trading at $15.21.