Oppenheimer analyst Noah Kaye raised his price target for EnerSys to $95 from $86, citing an active M&A pipeline offering potential catalysts, and his view to multi-year growth tailwinds in reserve. The analyst believes the company is making the appropriate investments to capture higher-ASP and margin sales for premium products. On margins, he is somewhat cautious versus consensus for Q3 given expected cadence of tariff and lead price impacts, but is incrementally bullish on sales/margin trajectory into FY20. He reiterates an Outperform rating on the shares.