Kenvue initiated with an Underperform at Bernstein

Bernstein initiated coverage of Kenvue (KVUE) with an Underperform rating and $18 price target. Kenvue – the former Johnson & Johnson (JNJ) Consumer Health business – has consistently lost market share across the majority of its business for the past several years, says the analyst, who expects FY24 investment to prove “inadequate” and struggles to see “a path to share stabilization absent significant further re-investment.”