Energizer (NYSE: ENR) is a defensive stock that may end up posting growth stock-quality results in the immediate years ahead.

Again, Energizer is not a defensive play, strictly speaking, as one could argue that batteries are a discretionary purchase -- an option consumers can cut back on during tougher economic times.

Still, powerful cultural and secular trends belie the above thesis. Think: MP3 players, iPods, iPhones, the text messaging generation, cameras, and remotes for almost everything. The net result: More portable energy use, globally, in the years ahead, which means more revenue for Energizer.

Energizer has revenue streams in the alkaline, carbon, zinc, miniature and specialty battery lines, with an impressive +35% U.S. market share. The company sells batteries in more than 150 countries, a more-than-decent defense against U.S. economic doldrums. ENR's shares fell $1.15 to $110.86 in Wednesday afternoon trading.

The qualifiers? Intensifying competition, and a high concentration of sales, 18%, to its largest customer, Wal-Mart (NYSE: WMT). But so long as teenagers and downloads exist, and Apple (NYSE: AAPL)'s Steve Jobs is thinking of something new/portable/cool, these two negatives can be overlooked.

Technically, Energizer's chart is strong. With a P/E of 23 ENR is not cheap, but projected near-20% annual EPS gains account for that.

Stock Analysis: Energizer is a moderate-risk stock not suitable for low-risk investors. Investors with an investment horizon longer than one year should be rewarded from ENR's shares.