Deutsche Bank Comments on Johnson & Johnson (JNJ) Q2 Results

July 16, 2013 9:21 AM EDT
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Price: $114.09 -0.05%

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Deutsche Bank today maintained a Buy rating on Johnson & Johnson (NYSE: JNJ) with a price target of $92.00. Comments follow Johnson & Johnson results, which showed Q2 EPS of $1.48, $0.09 better than the analyst estimate of $1.39. Revenue for the quarter came in at $17.88 billion versus the consensus estimate of $17.71 billion.

"J&J's sales of $17,877M were ahead of First Call at $17,713M and our estimate of $17,664M, driven by the strength of Pharma slightly offset by weaker MD&D and consumer," said analyst Kristen Stewart.

"EPS of $1.48 were ahead of FC at $1.39 and our estimate of $1.40. Recall this quarter included the after-tax gain from the sale of Elan shares. J&J disclosed in April it would record a $213M gain ($0.07) and that it planned to use the gain to offset reinvestments in the business. Even without the gain, J&J would have beat Consensus/our estimates . . . J&J increased its EPS guidance to $5.40-$5.47, up from $5.35-$5.45 reflecting this quarters positive performance likely offsetting negative FX."

For an analyst ratings summary and ratings history on Johnson & Johnson (NYSE: JNJ) click here. For more ratings news on Johnson & Johnson click here.

Shares of Johnson & Johnson closed at $90.40 yesterday.

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