Evercore ISI lowered the firm’s price target on Kenvue (KVUE) to $18 from $23 and keeps an In Line rating on the shares after FDA commissioner Marty Makary announced the start of a process to change the safety label on acetaminophen, the active ingredient in Kenvue’s Tylenol, to suggest a potential link between its use and an increased risk of neurological conditions such as autism. Based on the firm’s assessment of the financial impacts from headline and reputational risks and from potential changes in consumer behavior, it calculates an updated sum-of-the-parts valuation of $15-$28 per share, the analyst tells investors.
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