08:29 AM
Merrill/BofA downgrades Energizer (ENR) to Underperform from Buy, lowers target to $59 from $74, citing 1) further macro deterioration and related risk of retailer inventory destocking, 2) ENR's 75% run, and 3) ENR no longer trades at a deep discount to rivals. Shares -3.5% premarket.
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Thursday, October 30, 2008
08:29 AMEnergizer (ENR): Q3 EPS of $1.67 beats by $0.49. Revenue of $1.12B (+28.3%) vs. $1.05B. "Lower advertising and promotion spending, which we previously disclosed, was augmented by strong hurricane battery volumes." Shares +8.7%. (PR)
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