Citi analyst Filippo Falorni keeps a Neutral rating on Kenvue (KVUE) with a $24.50 price target after Reuters reported the company is considering a sale of some of its skin health and beauty brands. Many investors Citi has spoken with have questioned the potential for portfolio reshaping activity at Kenvue given the relative underperformance of the skin health and beauty segment, the involvement from three activist investors, and the recent appointment of a new CFO, the analyst tells investors in a research note. As such, the firm believes the Reuters report will not come as a surprise. However, the news could be potentially viewed as a disappointment for investors looking for greater portfolio reshaping actions or other potential strategic options for Kenvue, Citi adds.
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