Piper Sandler upgrades Kenvue to Overweight, raises price target to $26

As previously reported, Piper Sandler upgraded Kenvue (KVUE) to Overweight from Neutral with a price target of $26, up from $21. Heading into 2025, the firm feels better about Kenvue’s margin trajectory, supported by Our Vue Forward and TSA exits. Skin Health and Beauty has been a key investor pushback, but recent brand investments make Piper cautiously hopeful here. The rest of the business has been performing well, and activist involvement could assist in creating a more balanced investor focus across segments, the firm adds. Though shares have appreciated a bit in recent months, Piper thinks there’s still ample room to better align with peers.