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Energizer Holdings

ENR

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Energizer Holdings' (ENR) third quarter 2010 earnings beat the Zacks Consensus Estimate by $0.39 per share or 41%, riding on higher sales, launch of new Schick Hydro, meaningful cost-saving initiatives, favorable foreign currency impact, higher battery sales and lower-than-expected A&P spending.

We expect Energizer s top line to grow modestly (+4%) in the fourth quarter of 2010 along with an improved operating leverage and organic growth going forward. The new Schick Hydro brand, higher margins, share repurchases and improving condition in its battery business along with a huge third quarter upside in earnings have led us to raise our earnings per share estimates by 7.4% for fiscal 2011.

However, investors should note that intense competition, inventory destocking and weak consumer environment are potential negatives. We believe that ENR is set for a stronger growth in 2011. With cheap valuation, we upgrade the stock to Outperform and raise our price target to $77.00.

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