Johnson & Johnson (JNJ) PT Raised to $217 at Barclays

Barclays analyst Matt Miksic raised the price target on Johnson & Johnson (NYSE: JNJ) to $217.00 (from $197.00) while maintaining a Equalweight rating.

The analyst comments: "Our updated analysis of JNJ’s largest U.S. Pharma franchises points to ~3.4% revenue growth for the major U.S. drugs through the last week of December. This is ~1.2% above Bloomberg consensus and ~5.1% above our below-consensus estimate, with outperformance vs. our estimates and consensus driven primarily by 26% Q4 growth trend in Darzalex (vs. our estimate of 15% and consensus of 21%) and 56% in Tremfya (vs. our estimate of 30% and consensus of 50%). If these trends hold, we estimate JNJ’s U.S. Pharma could contribute ~10c of theoretical EPS upside in Q4, or +4% vs. our estimate (see a summary of our analysis in Figure 1). Our analysis covers major U.S. therapeutic areas representing ~89% of U.S. Pharma sales and over 50% of JNJ’s global Pharma revenue (Innovative Medicines). As a result of these trends we have raised our estimates for key pharma franchises in Q4, 2025 and beyond, and raised our price target for JNJ from $197 to $217."

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