JPMorgan analyst Andrea Teixeira downgraded Energizer Holdings (ENR) to Underweight from Neutral and lowered her price target for the shares to $36 from $45. Recent Nielsen data points to a "tough" sales outlook for the company, Teixeira tells investors in a research note. While trends for the organic business appear solid, negative sell-through rates have worsened for the acquired battery business, adds the analyst. She notes the latter are now declining at a high-teens rate, which she believes may pressure Energizer's ability to achieve guidance this fiscal year. Further, beyond the downside risk to earnings in 2019, the shares will be further pressured in 2020 by the overhang created by Spectrum Brand's (SPB) ~7.6% ownership of Energizer as the lock-up expires in January 2020, cautions Teixeira.