JPMorgan says Starboard aligns with view on Kenvue shares

JPMorgan analyst Andrea Teixeira keeps an Overweight rating on Kenvue (KVUE) after the Wall Street Journal reported Starboard Value has taken a sizeable stake in the company. Starboard’s potential involvement aligns with JPMorgan’s view that Kenvue shares are undervalued, the analyst tells investors in a research note. The firm thinks Starboard will argue that there should be much more focus on innovation and marketing reinvestments in particular in the skin, health and beauty segment. Having an activist will likely increase the pressure to show results faster and also may accelerate the announcement of a new leader for the SHB division, the analyst tells investors in a research note.