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Wednesday, October 4, 2023

JP Morgan Analyst Updates Kenvue Rating and Price Target

 On October 4, 2023, JP Morgan analyst Andrea Teixeira made a unique update on Kenvue (NYSE:KVUE). Teixeira maintained an Overweight rating on the stock but lowered the price target from $29 to $26. Kenvue, a spinout of Johnson & Johnson (JNJ), had previously received an overweight rating from JP Morgan in May 2023.

MarketBeat, a reliable source, reported that Kenvue has garnered a consensus rating of Moderate Buy. This rating is based on 8 buy ratings, 5 hold ratings, and no sell ratings. It’s worth noting that Kenvue recently went public in May 2023, with each share priced at $22. The stock was indicated to open nearly 14% above its offer price on the New York Stock Exchange, indicating strong market interest.

Following the completion of the IPO, Johnson & Johnson will retain ownership of 1,716,160,000 shares of Kenvue’s common stock, representing a significant 90.9% of the total. This demonstrates Johnson & Johnson’s continued involvement and support for Kenvue.

In July 2023, JP Morgan maintained coverage of Johnson & Johnson, but with a Neutral recommendation. This suggests that JP Morgan sees potential for Johnson & Johnson but is not overly bullish on the stock at the moment.

https://beststocks.com/jp-morgan-analyst-updates-kenvue-rating-and-p/

What Jin Medical International Ltd.'s (NASDAQ:ZJYL) 69% Share Price Gain Is Not Telling You

 Jin Medical International Ltd. (NASDAQ:ZJYL) shares have continued their recent momentum with a 69% gain in the last month alone. Longer-term shareholders would be thankful for the recovery in the share price since it's now virtually flat for the year after the recent bounce.

After such a large jump in price, Jin Medical International's price-to-sales (or "P/S") ratio of 8.8x might make it look like a strong sell right now compared to other companies in the Medical Equipment industry in the United States, where around half of the companies have P/S ratios below 3.4x and even P/S below 1.2x are quite common. However, the P/S might be quite high for a reason and it requires further investigation to determine if it's justified.


ps-multiple-vs-industry
NasdaqCM:ZJYL Price to Sales Ratio vs Industry September 29th 2023

How Jin Medical International Has Been Performing

For example, consider that Jin Medical International's financial performance has been poor lately as its revenue has been in decline. It might be that many expect the company to still outplay most other companies over the coming period, which has kept the P/S from collapsing. However, if this isn't the case, investors might get caught out paying too much for the stock.

Want the full picture on earnings, revenue and cash flow for the company? Then our free report on Jin Medical International will help you shine a light on its historical performance.

How Is Jin Medical International's Revenue Growth Trending?

The only time you'd be truly comfortable seeing a P/S as steep as Jin Medical International's is when the company's growth is on track to outshine the industry decidedly.

In reviewing the last year of financials, we were disheartened to see the company's revenues fell to the tune of 4.0%. This has soured the latest three-year period, which nevertheless managed to deliver a decent 15% overall rise in revenue. Although it's been a bumpy ride, it's still fair to say the revenue growth recently has been mostly respectable for the company.

This is in contrast to the rest of the industry, which is expected to grow by 9.8% over the next year, materially higher than the company's recent medium-term annualised growth rates.

In light of this, it's alarming that Jin Medical International's P/S sits above the majority of other companies. Apparently many investors in the company are way more bullish than recent times would indicate and aren't willing to let go of their stock at any price. Only the boldest would assume these prices are sustainable as a continuation of recent revenue trends is likely to weigh heavily on the share price eventually.

The Final Word

Jin Medical International's P/S has grown nicely over the last month thanks to a handy boost in the share price. Using the price-to-sales ratio alone to determine if you should sell your stock isn't sensible, however it can be a practical guide to the company's future prospects.

Our examination of Jin Medical International revealed its poor three-year revenue trends aren't detracting from the P/S as much as we though, given they look worse than current industry expectations. Right now we aren't comfortable with the high P/S as this revenue performance isn't likely to support such positive sentiment for long. If recent medium-term revenue trends continue, it will place shareholders' investments at significant risk and potential investors in danger of paying an excessive premium.

https://simplywall.st/stocks/us/healthcare/nasdaq-zjyl/jin-medical-international/news/what-jin-medical-international-ltds-nasdaqzjyl-69-share-pric

Kyiv expects first results on US-joint air defence production by year-end - minister

 Ukraine expects the first "results" of joint air defence systems production with the United States by the end of the year, a government minister said in an interview published on Wednesday,

Oleksandr Kamyshin, minister of strategic industries, told the media outlet nv.ua that the two countries had already started working on joint production following a visit by a Ukrainian delegation to Washington last month.

"During our visit to the United States, we received not just another assurance of continued financial and military support, but also a willingness to work on the joint production of air defence systems," Kamyshin was quoted as saying. "We have already started working on this."

Kamyshin said the first results of joint production would be seen by the end of 2023, without specifying if that meant the first jointly built system would be ready by then.

Ukrainian President Volodymyr Zelenskiy's chief of staff last week said specialists were expected to arrive in Ukraine soon to draw up plans to establish production of military equipment, including air defences.

Kyiv has stepped up efforts to boost domestic weapons production as much as possible as 19 months into Russia's invasion demand has soared for arms and ammunition to fend off attacks along a 1,000-km (600-mile)front line.

https://www.marketscreener.com/quote/currency/US-DOLLAR-RUSSIAN-ROUBL-2370597/news/Kyiv-expects-first-results-on-US-joint-air-defence-production-by-year-end-minister-44984292/

Supreme Court mulls limiting disability bias lawsuits

 U.S. Supreme Court justices on Wednesday raised concerns about lawsuits targeting hotels and other places of lodging for omitting details in their reservation systems about accessibility features for people with disabilities, but indicated they might opt not to decide the case.

The justices heard arguments in an appeal by Acheson Hotels of a lower court's ruling that let a Florida woman pursue a lawsuit against the company in Maine even though she had no plans to stay at a hotel the company owned there.

Plaintiff Deborah Laufer, who is visually impaired and uses a wheelchair, is a self-described "tester" of hotel compliance with the Americans with Disabilities Act (ADA) of 1990. The landmark civil rights law protects people with disabilities from discrimination in public accommodations such as hotels, as well as areas including employment, transportation, communications and access to public programs and services.

To have proper legal standing to sue in federal court, plaintiffs typically must show they have been concretely harmed in a way that may entitle them to a court-ordered remedy. At issue before the Supreme Court was whether Laufer has such standing.

"Tell me how she is discriminated against by the inaccuracies on this website" when Laufer has disclaimed using the reservation service to book at the hotel, liberal Justice Elena Kagan asked Laufer's attorney, Kelsi Corkran.

Conservative Justice Brett Kavanaugh suggested that Laufer did not "personally experience the discrimination" herself.

Liberal Justice Ketanji Brown Jackson evoked a chapter of the Civil Rights movement in which Black Americans staged sit-ins at whites-only lunch counters to defy segregation in protests that gave rise to litigation. But Jackson asked Corkran if her client was more like a Black lawyer from that era who observes discrimination at a distance but "never goes to the counter to ask himself for the food."

President Joe Biden's administration agreed with the hotel in the case that Laufer does not have standing in the case to sue.

While the arguments explored Laufer's legal standing, the justices also tried to determine whether they should rule in the case at all, given that both sides have said the underlying dispute is moot.

Laufer dropped her lawsuit as well as others she filed after one of her attorneys in a separate case was disciplined by a lower court for ethics violations. In addition, the hotel at issue in the case, Coast Village Inn and Cottages in Wells, Maine, has since modified its website to include accessibility information. The inn was operated by Acheson at the time of the lawsuit but it is now under different ownership.

"The case before us is dead as a doornail," conservative Justice Samuel Alito told Adam Unikowsky, a lawyer for Acheson.

Kagan appeared to agree.

"This is, like, dead, dead, dead - in all the ways that something can be dead," Kagan said.

Laufer sued in 2020, claiming that the hotel's omissions violated a 2010 Justice Department regulation requiring reservation systems to include accessibility information.

A federal judge in Maine threw out the lawsuit, finding Laufer did not have standing, but the Boston-based 1st U.S. Circuit Court of Appeals last year revived the case.

Laufer has filed more than 600 similar lawsuits after searching for websites of hotels that do not provide enough information about whether their rooms are accessible under the ADA.

Business groups including the U.S. Chamber of Commerce have said ADA "testers" have been fueling an explosion in lawsuits against small businesses accused of discriminating against disabled people.

https://www.marketscreener.com/news/latest/US-Supreme-Court-mulls-limiting-disability-bias-lawsuits--44985049/

Central bank test lab develops global bitcoin mapping system

  A global central bank test lab has designed a prototype bitcoin monitoring system aimed at giving authorities a clearer picture on how, when and where the cryptocurrency is used.

The Bank for International Settlements (BIS) project, codenamed Atlas, began at the Dutch central bank more than five years ago, but its potential value has been underscored over the last 18 months by a series of chaotic collapses across the crypto industry.

Atlas created a "proof of concept" platform that sucks data from both publicly available "on-chain" crypto ledgers as well as harder to source "off-chain" data reported by only some exchanges and users.

That information then provides a rough picture of cryptocurrency activity, although as crypto wallets can be set up anonymously and without the owner specifying location, it is not necessarily precise.

"An initial analysis of data collected by the platform indicates that cross-border flows are substantial in economic terms and unevenly distributed across geographical regions," the BIS said, albeit acknowledging the "uncertainty".

Regulators have become increasingly concerned that the decentralised nature of cryptocurrencies makes them a risk, especially after the collapse last year of widely-used stablecoin pair, Luna and TerraUSD and the FTX plaform.

The BIS' 'innovation hub' prototype produces "dashboards" that show information such as how many bitcoin are being converted into U.S. dollars at certain times in certain parts of the world.

They can also provide an insight into the adoption and relative importance of crypto markets as they rise or fall in popularity.

Cross-border crypto flows are particularly relevant for central banks in the context of cross-border payments, economic analysis and balance of payments statistics, the BIS said.

They may represent a significant part of cross-border transfers for some countries that is hard to quantify because of the current gaps in data.

"Central banks need to gain first-hand knowledge of crypto and DeFi and the risks and opportunities they present to the financial system," the BIS said.

It added the dashboards would now be made available to a group of "test" central banks to gather feedback and for further development.

https://www.marketscreener.com/news/latest/Central-bank-test-lab-develops-global-bitcoin-mapping-system--44979592/

DocGo Partners with Main Line Health in Philadelphia in Transport, Remote Services

DocGo Inc. (Nasdaq:DCGO), a leading provider of technology-enabled mobile health services, announced today that its Ambulnz subsidiary will provide medical transportation service to Main Line Heath’s five-hospital health system in the greater Philadelphia area. The three-year medical transportation contract solidifies Ambulnz’s position as one of the largest medical transportation providers in the Philadelphia metro area. Ambulnz estimates that it will provide transportation to more than 12,000 Main Line Health patients annually as part of this contract. With this expansion, Ambulnz expects to transport more than 75,000 Pennsylvania patients annually. Ambulnz will commit an initial dedicated fleet of 10 ambulances and 8 wheelchair vans to Main Line Health’s hospitals to provide a range of transportation options.

https://www.businesswire.com/news/home/20231004771070/en/

Gsk plc: BNP Paribas Exane price target raised from GBX 1550 to GBX 1640.

maintains its neutral recommendation

https://www.marketscreener.com/quote/stock/GSK-PLC-9590199/