Piper Sandler analyst Korinne Wolfmeyer initiated coverage of Kenvue (KVUE) with a Neutral rating and $20 price target. The analyst appreciates the benefits that should come from the Johnson & Johnson (JNJ) separation. However, given the Kenvue’s limited trading history and lower share capture potential in today’s macro environment, the shares are fairly valued right now, the analyst tells investors in a research note. Piper is constructive on the beauty and wellness sector, but acknowledges it is not immune from slowing consumer spending.
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Read More on KVUE:
- Kenvue Inc call volume above normal and directionally bullish
- Clorox, Kenvue among consumer staples to buy now, Barron’s says
- Kenvue price target lowered to $27 from $28 at Canaccord
- Kenvue announces 27M share repurchase plan
- Kenvue sees FY23 adjusted EPS $1.26-$1.28, consensus $1.28
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