Kenvue initiated with a Neutral at Piper Sandler

Piper Sandler analyst Korinne Wolfmeyer initiated coverage of Kenvue (KVUE) with a Neutral rating and $20 price target. The analyst appreciates the benefits that should come from the Johnson & Johnson (JNJ) separation. However, given the Kenvue’s limited trading history and lower share capture potential in today’s macro environment, the shares are fairly valued right now, the analyst tells investors in a research note. Piper is constructive on the beauty and wellness sector, but acknowledges it is not immune from slowing consumer spending.