Kenvue, Inc.: Hold Rating Amid FDA Concerns and Balanced RisksWe are not lawyers and have not received any legal counsel over changes in litigation risk from today’s announcement. Therefore, the analyses below adhere to the assessment of the financial impacts from headline and reputational risks, and from potential changes in consumer behavior going forward. The updated sum-of-the-parts valuation solves for $15-28 per share and we lower our price target to $18, which is the midpoint of the low and medium valuations outlined on pages 8 and 9.