Momentum Continues to Build in Data Center and Defense With a Focus on Improving the Product Offering. We Reiterate Our Buy and Increase Our PT to $280 (from $250)

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Momentum Continues to Build in Data Center and Defense With a Focus on Improving the Product Offering. We Reiterate Our Buy and Increase Our PT to $280 (from $250)

June 12, 2026 EnerSys

(ENS, Buy, $280 PT)ENERGY Gregory Lewis, CFA

Momentum Continues to Build in Data Center and Defense With a (212) 588-6543 glewis@btig.com

Focus on Improving the Product Offering. We Reiterate Our Buy and Sherif Elmaghrabi

Increase Our PT to $280 (from $250) (332) 400-5177 selmaghrabi@btig.com

Ben Sommers

WHAT YOU SHOULD KNOW: Yesterday ENS held an Investor Day which focused on (212) 738-6049 bsommers@btig.com

their unique battery offering across the defense, data center, motive, and telecom Company DataTRANSITION sectors. And while near-term headwinds persist (think tariffs and supply chain), ENS Closing Price $222.92

issued long-term revenue growth guidance of 3%-5% market growth plus 1%-3% from

Price Target $280.00 target market initiatives which points to $200M-$250M of annual revenue growth

at the mid-point. Additionally, management is targeting 50-100bps of annual margin Market Cap (M) $8,398.26EQUITY expansion before accounting for continued IRA tax credits. Bottom line: Management is Enterprise Value (M) $8,895.14

leaning into secular tailwinds across energy storage (includes electrification and energy Shares Out (M) 37.67

security) which should provide the company a multi-year revenue growth path with Avg Daily Vol-3 Months (M) 0.39

improving margins along the way. We reiterate our Buy rating. Dividend / Yield $1.05 / 0.5%

Bullish. Management, which already has a dominant position with its lead-acid UPS Revisions

(uninterruptible power supply) data center (DC) solution, unveiled its new lithium-RESEARCH Previous Current based BESS earlier this week.