Kenvue price target raised to $21 from $20 at Piper Sandler

Piper Sandler analyst Korinne Wolfmeyer raised the firm’s price target on Kenvue to $21 from $20 and keeps a Neutral rating on the shares following personal care spending data for the 4 weeks ended September 8. Sales for Kenvue’s top 9 brands remained negative at -3.3% year-over-year in the 4 weeks ended September 8 and -3.0% year-over-year in Q3 to date. Additionally, Skin Health & Beauty total distribution points again decelerated sequentially. Given the continued softness, the firm is taking its 2024 estimates down just slightly. However, Piper also feels comfortable that getting closer to the end of 2024 and beginning of 2025, the benefits from TSAs will start rolling off and Our Vue Forward materializing.