Jefferies last night downgraded Kenvue (KVUE) to Hold from Buy with a price target of $18, down from $23. Kimberly-Clark (KMB) and Kenvue shareholders voted in favor of the deal, clearing a hurdle for the merger to close, the analyst tells investors in a research note. The firm says litigation uncertainty and slowing Kenvue trends are risks that Kimberly appears comfortable with. Jefferies says Kenvue shares are close to the implied offer value of $18, creating limited upside. It downgraded the stock and removed Kenvue from its Franchise Pick list.
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Read More on KVUE:
- Kenvue downgraded to Hold from Buy at Jefferies
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