Energizer Holdings (NYSE:ENR) shares rose more than 6% intra-day today after Truist Securities analysts upgraded from Hold to Buy, raising the price target to $40 from $30.

The analysts cited two primary factors for the stock's underperformance relative to consumer staple peers: investor skepticism toward the battery category, worsened by COVID-induced volatility, and the company's high leverage ratio amid rising interest rates. However, the analysts expect these concerns to ease in the coming quarters as the battery segment returns to organic growth and the U.S. interest rate environment improves, presenting a buying opportunity for investors.