Goldman Sachs Upgrades Johnson & Johnson (JNJ) to Buy; Best New Product Story In Pharma

Goldman Sachs upgraded Johnson & Johnson (NYSE: JNJ) from Neutral to Buy, while downgrading Bristol-Myers Squibb Co. (NYSE: BMY).

The firm notes views JNJ as the best best underappreciated new product story in US Pharma.

"After two years of earnings and stock underperformance, JNJ may now be on the cusp of an accelerating earnings trajectory, driven by an emerging new product cycle in Pharma, signs of stabilization in MD&D, and a bottoming out in Consumer," the firm stated.

Goldman raised their price target from $64 to $77, suggesting 17% upside.

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 $65.76 yesterday.

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