Jefferies Starts Johnson & Johnson (JNJ) at Hold

Jefferies initiates coverage on Johnson & Johnson (NYSE: JNJ) with a Hold. PT $68.00.

The firm comments, "We do not see the convergence of opportunities or threats needed to materially drive performance of the shares either way at present. Consensus does not fully reflect the Synthes merger, which could result in earnings volatility through 2012/13. We see potential earnings upside through better capital allocation/ financing of the Synthes merger, as well from "Blue-Sky" scenarios with bapineuzumab."

For an analyst ratings summary and ratings history on Johnson & Johnson click here. For more ratings news on Johnson & Johnson click here.

Shares of Johnson & Johnson closed at $64.85 yesterday.

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