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Investing.com - Citi has reduced its price target on Kenvue Inc (NYSE:KVUE) to $22.00 from $24.50 while maintaining a Neutral rating on the stock. According to InvestingPro data, the stock currently trades at a P/E ratio of 38x, with analyst targets ranging from $22 to $29.
The price target adjustment comes following Kenvue’s CEO transition announced Monday, with Citi analyst Filippo Falorni expecting the company to withdraw its 2025 guidance as a result of the leadership change.
Citi notes that CFO Amit Banati, who joined Kenvue in May, is still relatively new to his role, adding uncertainty to the company’s financial outlook during this transition period.
The firm identifies potential risks to Kenvue’s implied second-half 2025 growth acceleration, specifically pointing to ongoing U.S. retailer destocking and what it describes as a "muted sun season" for the consumer health company.
Despite these concerns, Citi acknowledges potential offsetting factors at the earnings-per-share level, including more favorable foreign exchange conditions and smaller tariff cost headwinds due to lower China tariffs.
In other recent news, Kenvue Inc. has announced a significant leadership change with the departure of CEO Thibaut Mongon, replaced by board member Kirk Perry as interim CEO. This transition comes amid the company’s preliminary second-quarter results, which revealed a 4.2% decline in organic sales, falling short of expectations. Adjusted earnings per share are projected to be between $0.28 and $0.29, aligning with analyst forecasts. The company has also initiated a strategic review process, with its board establishing a Strategic Review Committee to explore potential alternatives, including optimizing its brand portfolio. Analysts from UBS, Goldman Sachs, and Citi have maintained a Neutral rating on Kenvue, citing mixed business trends and ongoing execution concerns. UBS noted that the CEO change and strategic review suggest that change is on the horizon for the company. Meanwhile, Goldman Sachs highlighted that the CEO transition might be viewed favorably by investors, despite broader macroeconomic uncertainties. Kenvue plans to release its full second-quarter financial results on August 7, at which time it will revise its full-year 2025 outlook.
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