Kenvue downgraded to Hold from Buy at Deutsche Bank

Deutsche Bank analyst Steve Powers downgraded Kenvue (KVUE) to Hold from Buy with a price target of $24, down from $25. The firm continues to believe that Kenvue is on a better trajectory exiting fiscal 2024 than the company was entering it. However, Self Care growth rates are normalizing lower as post-pandemic incidence of cold, flu, and allergy mean-reverts, the analyst tells investors in a research note. Deutsche also sees increasing risk that trends in Essential Health decelerate as recent successes are cycled.