Goldman Sachs analyst Jason English said his talks with investors reveal that Energizer has disappointed over the past year with both its revised M&A plans and more recently the report of another quarter of below-consensus results. While he understands a lack of confidence right now, English contends that auto-care weakness this quarter overshadowed encouraging dynamics in its core and acquired battery business. The analyst, who views the current depressed stock price as a buying opportunity, keeps a Buy rating on Energizer shares and maintains the stock on the firm's Conviction List. However, he lowered his estimates "across the board" for FY19-FY22 and cut his price target on the stock to $54 from $61.