Kimberly-Clark initiated with an Overweight at Piper Sandler

Piper Sandler initiated coverage of Kimberly-Clark (KMB) with an Overweight rating and $146 price target as the analyst expands coverage into the Personal Care space. While “constructive on the overall sector,” the analyst is choosing to favor Perrigo (PRGO) and Kimberly-Clark, in that order, as these stocks already look to be pricing in a recession so the analyst sees limited downside risk. While noting the firm has “a non-consensus view,” Piper sees the company entering “a new stage post-Covid,” focusing on new and margin-accretive offerings and finding efficiencies in all parts of the business.