Wells Fargo lowered the firm’s price target on Kimberly-Clark (KMB) to $110 from $129 and keeps an Overweight rating on the shares. The firm notes the company intends to acquire Kenvue (KVUE) in a stock and cash deal valued at $48.7B. Kimberly-Clark’s stock reaction was historically negative, reflecting a material change in the investment case, risks associated with Kenvue, and needed execution on big synergy targets.
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