Analyst Insight: UBS Goes Bullish On Energizer, Says "Every Bunny Has Its Price" (ENR)
Автор: TradeTheTrend
Загружено: 2010-07-14
Просмотров: 95
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UBS issued a note to clients upgrading shares of Energizer Holdings (NYSE:ENR) to Buy from Neutral saying that ""every bunny has its price.""
UBS analyst Nik Modi, ""Over the past 2 years, we have held a cautious stance on ENR due to concerns over A&P spending levels, pressure on the battery category, lack of buy backs, and its significant overlap with P&G. With ENR shares underperforming staples by 2,000 bps over the past 2 yrs and its valuation discount widening vs its HPC peers (35% vs. 10-yr. avg. of 25%) we believe expectations have been more than recalibrated.""
UBS went on to say, ""We see savings opportunities in 4 large buckets: 1) streamlining activities (across divisions), 2) improving capacity utilization, 3) improving its ROI on trade spending, and 4) product line simplification across batteries. If Energizer could narrow the profit/employee gap with Alberto Culver (a smaller sized company), we estimate the ENR could generate an incremental $2/share by 2015.""
Shares of ENR are up 2.2% in early trading Wednesday.
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