UPDATE: Noble Financial Downgrades Johnson & Johnson (JNJ) to Hold

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Noble Financial downgraded shares of Johnson & Johnson (NYSE: JNJ) to a Hold rating from their previous rating of Buy as the "company faces pricing pressure from many directions, with austerity measures in Europe impacting Pharmaceutical prices today and potentially devices in the near future, as well as the more typical pricing pressures." The firm reports that the company is also facing significant product recalls in Over The Counter products and doesn't look to have the answer to them until late 2011. Management comments that they believe their company will continue to face pressure by consumer sales as long as the economy is hurting and the unemployment rate is high.

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 $61.08 yesterday, with a 52 week range of $56.86-$66.20.

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