Johnson & Johnson (JNJ) PT Raised to $205 at Stifel

Stifel analyst Rick Wise raised the price target on Johnson & Johnson (NYSE: JNJ) to $205.00 (from $190.00) while maintaining a Hold rating.

The analyst comments "Following Johnson & Johnson's December 29th completion of the ~$3.05B Halda Therapeutics acquisition, we are updating our model to incorporate expected deal dilution. As a reminder, Halda Therapeutics is a clinical-stage, pre-revenue biotechnology company with an innovative oncology-focused treatment portfolio. Given that Halda's products are still in the clinical stage of development, for now, our JNJ model incorporates no Halda revenue generation. JNJ indicated that the acquisition is expected to be $0.20 adjusted EPS dilutive in total, split equally between 2025 ($0.10) and 2026 ($0.10). Reflecting that guidance, our full-year 2025 and 2026 adjusted EPS numbers move lower to $10.75 for 2025E and $11.32 for 2026E, down from $10.85 and $11.42, previously. Our model assumes the $0.20 deal-related dilution is largely driven by a stepup in Halda-related R&D expense. Management did not specify potential Halda accretion timing, only offering preliminary guidance regarding the $0.20 per share adjusted EPS headwind."

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