Goldman Sachs analyst Bonnie Herzog downgraded Kenvue to Neutral from Buy with a $20 price target after assuming coverage of the name. Although weakness in key categories initially stemmed from supply issues, the company’s shelf distribution recovery has proven more difficult than originally anticipated, the analyst tells investors in a research note. The firm does not expect the stock to re-rate from these levels until more evidence on the recovery from later shelf resets is seen.
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