As previously reported, Goldman Sachs analyst Jason English upgraded Energizer (ENR) to Buy from Neutral and added the shares to the firm's America's Conviction List as he sees a credible path to top-tier EBIT, EBITDA and EPS growth over the next three years "fueled almost entirely" by debt-reduction and synergies from its recently completed deals for the Global Battery & Lighting business and Global Auto Care business of Spectrum Brands (SPB). Meanwhile, Energizer's base business "is on its firmest footing in a decade" as battery category growth has improved, competitive dynamics are better and cost inflation has become more accommodative, said English. The analyst adds that he thinks the Spectrum deals "will not mark the end" of Energizer's M&A. He raised his price target on Energizer shares to $60 from $48.