Courtesy of Benzinga.
Goldman Sachs has published a research report on Mead Johnson Nutrition (NYSE: MJN) after news came that the company’s Enfamil Newborn was being pulled from Wal-Mart (NYSE: WMT) stores after reports of infant fatality.
In the report, Goldman Sachs writes, “Wal-Mart has withdrawn a batch of MJN Enfamil Newborn formula from 3,000 stores after a baby in Lebanon, Missouri died on Sunday from a rare bacterial infection, Cronobacter sakazakii. MJN said its records showed that the batch in question tested negative for the bacterium before it was sent to the retailer, but is conducting an internal investigation with results to be released in the next few days while FDA test results may not be provided for a couple of weeks. MJN shares declined 10% today [yesterday].”
Goldman Sachs maintains its Neutral rating on and has lowered the price target from $80 to $74 on Mead Johnson, which is currently trading down $2.38 from yesterday’s $68.76 closing price.
For more Benzinga, visit Benzinga Professional Service, Value Investor, and Stocks Under $5.
