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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.

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Energizer Holdings shares were up more than 6%, or $2.90, to $47.83 in trading Monday on the New York Stock Exchange.

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