Shares of Energizer Holdings Inc. dropped 5.6% toward a more-than 3-year low in premarket trading Wednesday, after J.P. Morgan turned bearish on the battery maker, citing evidence of deteriorating Rayovac battery sales. Analyst Andrea Teixeira cut her rating to underweight from neutral, and slashed her price target to $36 from $45. Teixeira said that based on recent Nielsen data, worsening retailer shelf-space losses for Rayovac will likely continue to hurt results until at least Energizer's fiscal third quarter, which she believes could hurt gross margins and the company's ability to achieve its full-year guidance. Teixeira said what could put further pressure on Energizer's stock is Spectrum Brands Holdings Inc.'s 7.6% share stake in the company, as the lock-up agreement expires in January 2020. The stock, which is on track to open at the lowest price seen during regular-session hours since March 2016, has tumbled 32.2% over the past 12 months, while the Dow Jones Industrial Average has gained 7.2%.