Johnson & Johnson (JNJ) PT Raised to $220 at Freedom Capital Markets

Freedom Capital Markets analyst Ilya Zubkov raised the price target on Johnson & Johnson (NYSE: JNJ) to $220.00 (from $190.00) while maintaining a Hold rating.

The analyst comments "JNJ ended 2025 with a strong quarter, marking its fourth consecutive revenue beat this year versus both our forecasts and Street expectations. Core growth drivers remain intact, with both key segments – Innovative Medicine and MedTech – delivering solid performance. Against this backdrop, management issued an optimistic outlook for 2026, when revenue could exceed the $100 billion mark for the first time in the company’s history. Key upcoming catalysts in the product portfolio include potential approvals of ICOTYDE and OTTAVA, as well as label expansions for DARZALEX, TREMFYA, and TECVAYLI. Following the updated 2025 guidance, we have raised our revenue and EPS forecasts. Given that valuation multiples are now near historical highs, we have supplemented our model with a DCF framework and lifted our target multiples to 18x NTM P/E and 15x NTM EV/EBITDA. As a result, we raise our target price for JNJ from $190 to $220 and maintain our Hold recommendation, as the stock is now trading close to our estimate of fair value."

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