Canaccord starts Kenvue at Buy on ‘great risk/reward opportunity’

Canaccord initiated coverage of Kenvue (KVUE) with a Buy rating and $28 price target. Kenvue is a global consumer health and wellness company known for Tylenol, Neutrogena, Johnson’s, and Band-Aid, along with a few dozen other consumer health focused brands, the analyst tells investors in a research note. With the Johnson & Johnson (JNJ) ownership overhang resolved, Kenvue is well positioned to focus on growing its core brands “through its strong innovation and marketing engine,” says the firm. It sees a “great risk/reward opportunity” at current share levels.