Bernstein Upgrades J&J (JNJ) to Outperform; Sees Pharma Pipeline Adding $6B in Sales by 2015

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Bernstein's Derrick Sung upgraded shares of Johnson & Johnson (NYSE: JNJ) from Market Perform to Outperform Wednesday morning. The analyst also boosted Bernstein's price target on the stock by 24 percent from $63 to $78.

The analyst believes Johnson & Johnson's Pharma pipeline is attractive and starting to contribute to sales. Sung argues the unit could eventual drive $6 billion in new product sales by 2015.

Shares of Johnson & Johnson are up 0.5 percent to $66.13 this morning. Bernstein's new price target implies potential upside of nearly 18 percent from where the stock is trading Wednesday.

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

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