As previously reported, Canaccord downgraded Kenvue (KVUE) to Hold from Buy with a price target of $15, down from $26. With the HHS looking to link acetaminophen use in pregnancy to autism, Texas suing the company for deceptive marketing and lawsuits in the UK bringing talc liability to the table, the firm believes continued negative headlines and legal issues hamper the company’s turnaround and also likely hamper any potential sale of all or part of the company. Finding itself in the news, for reasons “it can’t generally control,” will likely keep a lid on valuation, the analyst argues.
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