Deutsche Bank analyst Faiza Alwy views the Federal Trade Commission's administrative complaint against Smucker (SJM) regarding the proposed $285M acquisition of Conagra's (CAG) Wesson cooking oil brand as a modest negative for Energizer's (ENR) ability to secure regulatory approval to acquire Spectrum Brands' (SPB) batteries division. The analyst, however, sees "sufficient differences" in the two categories to keep him "somewhat hopeful" of the possibility of Energizer obtaining approval. In addition, both Energizer and Spectrum have the flexibility to pursue alternate strategies involving buybacks if the battery deal falls through, Alwy tells investors in a research note. As such, the analyst sees "significant upside" from current share levels in either scenario. He keeps a Buy rating on Energizer with a $64 price target and a Buy rating on Spectrum with a $131 price target.