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Shares of battery maker Energizer Holdings (ENR)  were rising Monday after receiving a rare double upgrade from analysts at Bank of America Merrill Lynch who turned bullish from bearish with an updated outlook.

The firm upgraded the stock to buy from underperform with a price target of $48, representing a 20% upside from the stock's previous closing price Friday of $40.64. 

Bank of America is bullish on the company's next earnings report with analysts saying that it doesn't need a big beat to reap the benefits of a strong quarter. 

"We believe expectations have been sufficiently reset with consensus FY20e EPS -13% YTD. In our view, ENR does not need an oversized beat to drive shares higher from current levels; the legacy business is solid and stabilizing acquired assets while providing incremental visibility into delivering/key challenges should offer relief," Bank of America's note said. 

Energizer shares have declined about 10% year to date, but were rising 4.9% to $42.62 on Monday.