johnsone/initiation · Datasets at Hugging Face

text stringlengths 1 711
North America Equity Research
29 May 2023 J PMORGAN
Analyst Certification: The Research Analyst(s) denoted by an 􀋘AC􀋙 on the cover of this report certifies (or, where multiple Research Analysts
are primarily responsible for this report, the Research Analyst denoted by an 􀋘AC􀋙 on the cover or within the document individually certifies,
with respect to each security or issuer that the Research Analyst covers in this research) that: (1) all of the views expressed in this report accurately reflect the Research Analyst􀋖s personal views about any and all of the subject securities or issuers; and (2) no part of any of the Research Analyst's compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed by the Research Analyst(s) in this report. For all Korea-based Research Analysts listed on the front cover, if applicable, they also certify, as per KOFIA requirements, that the Research Analyst􀋖s analysis was made in good faith and that the views reflect the Research Analyst􀋖s own opinion,
without undue influence or intervention.
All authors named within this report are Research Analysts who produce independent research unless otherwise specified. In Europe, Sector
Specialists (Sales and Trading) may be shown on this report as contacts but are not authors of the report or part of the Research Department.
Important Disclosures
Market Maker/ Liquidity Provider: J.P. Morgan is a market maker and/or liquidity provider in the financial instruments of/related to
Kenvue.
Manager or Co-manager: J.P. Morgan acted as manager or co-manager in a public offering of securities or financial instruments (as such
term is defined in Directive 2014/65/EU) of/for Kenvue within the past 12 months.
Director: An employee of J.P. Morgan or an executive officer or director of J.P. Morgan Chase & Co. is an officer, director or advisory board
member of Johnson & Johnson, a parent company of Kenvue.
Client: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies) as clients: Kenvue.
Client/Investment Banking: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies) as investment banking
clients: Kenvue.
Client/Non-Investment Banking, Securities-Related: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies)
as clients, and the services provided were non-investment-banking, securities-related: Kenvue.
Client/Non-Securities-Related: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies) as clients, and the services provided were non-securities-related: Kenvue.
Investment Banking Compensation Received: J.P. Morgan has received in the past 12 months compensation for investment banking services
from Kenvue.
Potential Investment Banking Compensation: J.P. Morgan expects to receive, or intends to seek, compensation for investment banking
services in the next three months from Johnson & Johnson, a parent company of Kenvue.
Non-Investment Banking Compensation Received: J.P. Morgan has received compensation in the past 12 months for products or services
other than investment banking from Kenvue.
Debt Position: J.P. Morgan may hold a position in the debt securities of Kenvue, if any.
J.P. Morgan and/or its affiliates is acting as financial advisor to Johnson & Johnson Inc (JNJ) in connection with the separation of Kenvue Inc as announced on November 12th 2021. This research report and the information contained herein is not intended to provide voting advice, serve as an endorsement of the proposed transaction or result in procurement, withholding or revocation of a proxy or any other action by a security
holder. Company-Specific Disclosures: Important disclosures, including price charts and credit opinion history tables, are available for compendium reports and all J.P. Morgan–covered companies, and certain non-covered companies, by visitinghttps://www.jpmm.com/research/disclosures,
calling 1-800-477-0406, or e-mailing research.disclosure.inquiries@jpmorgan.com with your request.
This document is being provided for the exclusive use of DAVID WANG at MARLOWE PARTNERS LP.
93
Andrea Teixeira, CFA AC
(1-212) 622-6735
andrea.f.teixeira@jpmorgan.com
North America Equity Research
29 May 2023 J PMORGAN
The chart(s) show J.P. Morgan's continuing coverage of the stocks; the current analysts may or may not have covered it over the entire period.
J.P. Morgan ratings or designations: OW = Overweight, N= Neutral, UW = Underweight, NR = Not Rated
Explanation of Equity Research Ratings, Designations and Analyst(s) Coverage Universe:
J.P. Morgan uses the following rating system: Overweight [Over the next six to twelve months, we expect this stock will outperform the average total return of the stocks in the analyst􀋖s (or the analyst􀋖s team􀋖s) coverage universe.] Neutral [Over the next six to twelve months, we expect this
stock will perform in line with the average total return of the stocks in the analyst􀋖s (or the analyst􀋖s team􀋖s) coverage universe.] Underweight [Over the next six to twelve months, we expect this stock will underperform the average total return of the stocks in the analyst􀋖s (or the analyst􀋖s team􀋖s) coverage universe.] Not Rated (NR): J.P. Morgan has removed the rating and, if applicable, the price target, for this stock
because of either a lack of a sufficient fundamental basis or for legal, regulatory or policy reasons. The previous rating and, if applicable, the price target, no longer should be relied upon. An NR designation is not a recommendation or a rating. In our Asia (ex-Australia and ex-India)
and U.K. small- and mid-cap equity research, each stock􀋖s expected total return is compared to the expected total return of a benchmark country
market index, not to those analysts􀋖 coverage universe. If it does not appear in the Important Disclosures section of this report, the certifying
analyst􀋖s coverage universe can be found on J.P. Morgan􀋖s research website, https://www.jpmorganmarkets.com.
Coverage Universe: Teixeira, Andrea: Becle, S.A.B. de C.V. (CUERVO.MX), Brown-Forman Corp (BFb), Central Garden & Pet (CENTA),
Church & Dwight (CHD), Clorox (CLX), Coca-Cola (KO), Colgate-Palmolive Co (CL), Constellation Brands (STZ), Coty Inc (COTY),
Energizer Holdings (ENR), Hydrofarm (HYFM), Keurig Dr Pepper Inc (KDP), Kimberly Clark Corp (KMB), Molson Coors Beverage Co
(TAP), Monster Beverage (MNST), Newell Brands Inc (NWL), Olaplex (OLPX), PepsiCo (PEP), Primo Water Corp (PRMW), Reynolds
(REYN), The Duckhorn Portfolio (NAPA), The Estee Lauder Cos (EL), The Honest Company (HNST), The Procter & Gamble Company (PG),
e.l.f. Beauty Inc (ELF)
J.P. Morgan Equity Research Ratings Distribution, as of April 01, 2023
Overweight
(buy)
Neutral
(hold)
Underweight
(sell)
J.P. Morgan Global Equity Research Coverage* 47% 38% 15%
IB clients** 47% 44% 34%
JPMS Equity Research Coverage* 46% 41% 13%
IB clients** 66% 65% 53%
*Please note that the percentages might not add to 100% because of rounding.
**Percentage of subject companies within each of the "buy," "hold" and "sell" categories for which J.P. Morgan has provided
investment banking services within the previous 12 months.
For purposes only of FINRA ratings distribution rules, our Overweight rating falls into a buy rating category; our Neutral rating falls
into a hold rating category; and our Underweight rating falls into a sell rating category. Please note that stocks with an NR designation
are not included in the table above. This information is current as of the end of the most recent calendar quarter.
Equity Valuation and Risks: For valuation methodology and risks associated with covered companies or price targets for covered companies,
please see the most recent company-specific research report at http://www.jpmorganmarkets.com, contact the primary analyst or your J.P.
Morgan representative, or email research.disclosure.inquiries@jpmorgan.com. For material information about the proprietary models used,
please see the Summary of Financials in company-specific research reports and the Company Tearsheets, which are available to download on
the company pages of our client website, http://www.jpmorganmarkets.com. This report also sets out within it the material underlying
This document is being provided for the exclusive use of DAVID WANG at MARLOWE PARTNERS LP.
94
Andrea Teixeira, CFA AC
(1-212) 622-6735
andrea.f.teixeira@jpmorgan.com
North America Equity Research
29 May 2023 J PMORGAN
assumptions used.
A history of J.P. Morgan investment recommendations disseminated during the preceding 12 months can be accessed on the Research & Commentary page of http://www.jpmorganmarkets.com where you can also search by analyst name, sector or financial instrument.
Analysts' Compensation:The research analysts responsible for the preparation of this report receive compensation based upon various factors,
including the quality and accuracy of research, client feedback, competitive factors, and overall firm revenues.
Other Disclosures
J.P. Morgan is a marketing name for investment banking businesses of JPMorgan Chase & Co. and its subsidiaries and affiliates worldwide.
UK MIFID FICC research unbundling exemption: UK clients should refer to UK MIFID Research Unbundling exemption for details of
JPMorgan􀋖s implementation of the FICC research exemption and guidance on relevant FICC research categorisation.
All research material made available to clients are simultaneously available on our client website, J.P. Morgan Markets, unless specifically
permitted by relevant laws. Not all research content is redistributed, e-mailed or made available to third-party aggregators. For all research
material available on a particular stock, please contact your sales representative.
Any long form nomenclature for references to China; Hong Kong; Taiwan; and Macau within this research material are Mainland China; Hong
Kong SAR (China); Taiwan (China); and Macau SAR (China).
J.P. Morgan Research may, from time to time, write on issuers or securities targeted by economic or financial sanctions imposed or administered
by the governmental authorities of the U.S., EU, UK or other relevant jurisdictions (Sanctioned Securities). Nothing in this report is intended to
be read or construed as encouraging, facilitating, promoting or otherwise approving investment or dealing in such Sanctioned Securities. Clients
should be aware of their own legal and compliance obligations when making investment decisions.
Any digital or crypto assets discussed in this research report are subject to a rapidly changing regulatory landscape. For relevant regulatory

North America Equity Research

29 May 2023 J PMORGAN

Analyst Certification: The Research Analyst(s) denoted by an 􀋘AC􀋙 on the cover of this report certifies (or, where multiple Research Analysts

are primarily responsible for this report, the Research Analyst denoted by an 􀋘AC􀋙 on the cover or within the document individually certifies,

with respect to each security or issuer that the Research Analyst covers in this research) that: (1) all of the views expressed in this report accurately reflect the Research Analyst􀋖s personal views about any and all of the subject securities or issuers; and (2) no part of any of the Research Analyst's compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed by the Research Analyst(s) in this report. For all Korea-based Research Analysts listed on the front cover, if applicable, they also certify, as per KOFIA requirements, that the Research Analyst􀋖s analysis was made in good faith and that the views reflect the Research Analyst􀋖s own opinion,

without undue influence or intervention.

All authors named within this report are Research Analysts who produce independent research unless otherwise specified. In Europe, Sector

Specialists (Sales and Trading) may be shown on this report as contacts but are not authors of the report or part of the Research Department.

Important Disclosures

Market Maker/ Liquidity Provider: J.P. Morgan is a market maker and/or liquidity provider in the financial instruments of/related to

Kenvue.

Manager or Co-manager: J.P. Morgan acted as manager or co-manager in a public offering of securities or financial instruments (as such

term is defined in Directive 2014/65/EU) of/for Kenvue within the past 12 months.

Director: An employee of J.P. Morgan or an executive officer or director of J.P. Morgan Chase & Co. is an officer, director or advisory board

member of Johnson & Johnson, a parent company of Kenvue.

Client: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies) as clients: Kenvue.

Client/Investment Banking: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies) as investment banking

clients: Kenvue.

Client/Non-Investment Banking, Securities-Related: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies)

as clients, and the services provided were non-investment-banking, securities-related: Kenvue.

Client/Non-Securities-Related: J.P. Morgan currently has, or had within the past 12 months, the following entity(ies) as clients, and the services provided were non-securities-related: Kenvue.

Investment Banking Compensation Received: J.P. Morgan has received in the past 12 months compensation for investment banking services

from Kenvue.

Potential Investment Banking Compensation: J.P. Morgan expects to receive, or intends to seek, compensation for investment banking

services in the next three months from Johnson & Johnson, a parent company of Kenvue.

Non-Investment Banking Compensation Received: J.P. Morgan has received compensation in the past 12 months for products or services

other than investment banking from Kenvue.

Debt Position: J.P. Morgan may hold a position in the debt securities of Kenvue, if any.

J.P. Morgan and/or its affiliates is acting as financial advisor to Johnson & Johnson Inc (JNJ) in connection with the separation of Kenvue Inc as announced on November 12th 2021. This research report and the information contained herein is not intended to provide voting advice, serve as an endorsement of the proposed transaction or result in procurement, withholding or revocation of a proxy or any other action by a security

holder. Company-Specific Disclosures: Important disclosures, including price charts and credit opinion history tables, are available for compendium reports and all J.P. Morgan–covered companies, and certain non-covered companies, by visitinghttps://www.jpmm.com/research/disclosures,

calling 1-800-477-0406, or e-mailing research.disclosure.inquiries@jpmorgan.com with your request.

This document is being provided for the exclusive use of DAVID WANG at MARLOWE PARTNERS LP.

93

Andrea Teixeira, CFA AC

(1-212) 622-6735

andrea.f.teixeira@jpmorgan.com

North America Equity Research

29 May 2023 J PMORGAN

The chart(s) show J.P. Morgan's continuing coverage of the stocks; the current analysts may or may not have covered it over the entire period.

J.P. Morgan ratings or designations: OW = Overweight, N= Neutral, UW = Underweight, NR = Not Rated

Explanation of Equity Research Ratings, Designations and Analyst(s) Coverage Universe:

J.P. Morgan uses the following rating system: Overweight [Over the next six to twelve months, we expect this stock will outperform the average total return of the stocks in the analyst􀋖s (or the analyst􀋖s team􀋖s) coverage universe.] Neutral [Over the next six to twelve months, we expect this

stock will perform in line with the average total return of the stocks in the analyst􀋖s (or the analyst􀋖s team􀋖s) coverage universe.] Underweight [Over the next six to twelve months, we expect this stock will underperform the average total return of the stocks in the analyst􀋖s (or the analyst􀋖s team􀋖s) coverage universe.] Not Rated (NR): J.P. Morgan has removed the rating and, if applicable, the price target, for this stock

because of either a lack of a sufficient fundamental basis or for legal, regulatory or policy reasons. The previous rating and, if applicable, the price target, no longer should be relied upon. An NR designation is not a recommendation or a rating. In our Asia (ex-Australia and ex-India)

and U.K. small- and mid-cap equity research, each stock􀋖s expected total return is compared to the expected total return of a benchmark country

market index, not to those analysts􀋖 coverage universe. If it does not appear in the Important Disclosures section of this report, the certifying

analyst􀋖s coverage universe can be found on J.P. Morgan􀋖s research website, https://www.jpmorganmarkets.com.

Coverage Universe: Teixeira, Andrea: Becle, S.A.B. de C.V. (CUERVO.MX), Brown-Forman Corp (BFb), Central Garden & Pet (CENTA),

Church & Dwight (CHD), Clorox (CLX), Coca-Cola (KO), Colgate-Palmolive Co (CL), Constellation Brands (STZ), Coty Inc (COTY),

Energizer Holdings (ENR), Hydrofarm (HYFM), Keurig Dr Pepper Inc (KDP), Kimberly Clark Corp (KMB), Molson Coors Beverage Co

(TAP), Monster Beverage (MNST), Newell Brands Inc (NWL), Olaplex (OLPX), PepsiCo (PEP), Primo Water Corp (PRMW), Reynolds

(REYN), The Duckhorn Portfolio (NAPA), The Estee Lauder Cos (EL), The Honest Company (HNST), The Procter & Gamble Company (PG),

e.l.f. Beauty Inc (ELF)

J.P. Morgan Equity Research Ratings Distribution, as of April 01, 2023

Overweight

(buy)

Neutral

(hold)

Underweight

(sell)

J.P. Morgan Global Equity Research Coverage* 47% 38% 15%

IB clients** 47% 44% 34%

JPMS Equity Research Coverage* 46% 41% 13%

IB clients** 66% 65% 53%

*Please note that the percentages might not add to 100% because of rounding.

**Percentage of subject companies within each of the "buy," "hold" and "sell" categories for which J.P. Morgan has provided

investment banking services within the previous 12 months.

For purposes only of FINRA ratings distribution rules, our Overweight rating falls into a buy rating category; our Neutral rating falls

into a hold rating category; and our Underweight rating falls into a sell rating category. Please note that stocks with an NR designation

are not included in the table above. This information is current as of the end of the most recent calendar quarter.

Equity Valuation and Risks: For valuation methodology and risks associated with covered companies or price targets for covered companies,

please see the most recent company-specific research report at http://www.jpmorganmarkets.com, contact the primary analyst or your J.P.

Morgan representative, or email research.disclosure.inquiries@jpmorgan.com. For material information about the proprietary models used,

please see the Summary of Financials in company-specific research reports and the Company Tearsheets, which are available to download on

the company pages of our client website, http://www.jpmorganmarkets.com. This report also sets out within it the material underlying

This document is being provided for the exclusive use of DAVID WANG at MARLOWE PARTNERS LP.

94

Andrea Teixeira, CFA AC

(1-212) 622-6735

andrea.f.teixeira@jpmorgan.com

North America Equity Research

29 May 2023 J PMORGAN

assumptions used.

A history of J.P. Morgan investment recommendations disseminated during the preceding 12 months can be accessed on the Research & Commentary page of http://www.jpmorganmarkets.com where you can also search by analyst name, sector or financial instrument.

Analysts' Compensation:The research analysts responsible for the preparation of this report receive compensation based upon various factors,

including the quality and accuracy of research, client feedback, competitive factors, and overall firm revenues.

Other Disclosures

J.P. Morgan is a marketing name for investment banking businesses of JPMorgan Chase & Co. and its subsidiaries and affiliates worldwide.

UK MIFID FICC research unbundling exemption: UK clients should refer to UK MIFID Research Unbundling exemption for details of

JPMorgan􀋖s implementation of the FICC research exemption and guidance on relevant FICC research categorisation.

All research material made available to clients are simultaneously available on our client website, J.P. Morgan Markets, unless specifically

permitted by relevant laws. Not all research content is redistributed, e-mailed or made available to third-party aggregators. For all research

material available on a particular stock, please contact your sales representative.

Any long form nomenclature for references to China; Hong Kong; Taiwan; and Macau within this research material are Mainland China; Hong

Kong SAR (China); Taiwan (China); and Macau SAR (China).

J.P. Morgan Research may, from time to time, write on issuers or securities targeted by economic or financial sanctions imposed or administered

by the governmental authorities of the U.S., EU, UK or other relevant jurisdictions (Sanctioned Securities). Nothing in this report is intended to

be read or construed as encouraging, facilitating, promoting or otherwise approving investment or dealing in such Sanctioned Securities. Clients

should be aware of their own legal and compliance obligations when making investment decisions.

Any digital or crypto assets discussed in this research report are subject to a rapidly changing regulatory landscape. For relevant regulatory