Energizer downgraded to Hold as consumers de-stock at Truist

Truist downgraded Energizer to Hold from Buy with a price target of $35, down from $40. The recent, more cautious tone from more discretionary names as well several retailers is related to the continued return to normal buying patterns post-pandemic, the analyst tells investors in a research note. The firm says the consumer de-stock process of goods continues, especially for more durable and discretionary products. For Energizer, Truist believes the usage of devices with batteries will continue to decline as consumers slowly return to work and school. The company “has a long history of two steps forward one step back when it comes to quarterly earnings,” and will need to show consistent top and bottom line growth to rerate the stock, contends the firm.