Goldman Sachs Downgrades Johnson & Johnson (JNJ) to Neutral

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Goldman Sachs downgraded Johnson & Johnson (NYSE: JNJ) from Buy to Neutral with a price target of $74. The downgrade follows a recalibrate of the firm's ratings across a broadened universe and to make room for stocks with more upside.

The firm continues to view the stock favorably, but notes two important changes since their initial upgrade. First, Xarelto will be a much smaller drug than originally forecasted. Second, there is risk to a continued slowdown in the MD&D division tied to continued weak utilization trends.

For more ratings news on Johnson & Johnson click here and for the rating history of Johnson & Johnson click here.

Shares of Johnson & Johnson closed at $63.13 yesterday, with a 52 week range of $57.50-$68.05.

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