Goldman Sachs upgraded Kenvue (KVUE) to Buy from Neutral with a $29 price target. The analyst sees “compelling” relative valuation for the stock as it now trades 4.7x turns cheaper relative to Procter & Gamble (PG) and 3x cheaper relative to Colgate-Palmolive (CL) on expected next 12-months earnings basis. While the company’s track record of share losses provide justification for the discount, the firm also sees a catalyst for a rerating as Kenvue’s market share is expected to stabilize and its share of distribution and merchandising is set to improve improve, the firm tells investors in a research note.
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