Energizer Holdings, Inc. Downgraded at Wells Fargo (ENR)

Early on Tuesday morning, Wells Fargo downgraded Energizer Holdings (ENR) to “Market Perform” from “Outperform.” Wells Fargo maintained a range of $109 to $112 for ENR’s valuation.

Energizer’s shares have risen over 19% in the past three months, and Wells analyst Chris Ferrara believes that the stock run up now reflects the company’s upside. Ferrara believes that the biggest downside risk for ENR is at a more base level, as Wells Fargo is seeing more EPS upside to ENR’s latest deal with Johnson and Johnson than ENR is expecting.

Wells Fargo maintains its EPS estimate for 2014 to be $7.41 and its 2015 EPS estimate is $7.97.

Energizer stock was inactive in pre-market trading. It finished yesterday down 24 cents, or 0.23%.