Shares of Energizer Holdings (ENR) received a jolt from investors on Monday after the company received an upgrade rating from analysts at Goldman Sachs.
In a research report issued to clients and investors, Goldman Sachs analyst Jason English upgraded the company's rating to conviction buy from neutral and boosted his target price for the stock to $60 from $48. He also added the shares to the firm's "America's Conviction List."
English pointed to top-tier EBIT, EBITDA and EPS growth over the next three years "fueled almost entirely" by debt-reduction and synergies from its recently completed deals for the global battery and lighting and auto care businesses of Spectrum Brands (SPB) .
He also noted that Energizer's base business "is on its firmest footing in a decade" as sales growth and competitive dynamics have both improved, while costs have been contained - adding that the Spectrum deals "will not mark the end" of Energizer's M&A.
Energizer Holdings shares were up more than 6%, or $2.90, to $47.83 in trading Monday on the New York Stock Exchange.
How Much Money Will I Need to Retire?
Want to learn about retirement planning from some of the nation's top experts? Join TheStreet's Robert "Mr. Retirement" Powell live in New York on April 6 for our Retirement Strategies Symposium. For a limited time, tickets are available for $99 for this full-day event. Check out the agenda, learn about the speakers and sign up here.