UBS Reiterates a 'Buy' on Johnson & Johnson (JNJ); Diving Into Valuation

UBS reiterates a 'Buy' on Johnson & Johnson (NYSE: JNJ) price target of $76.00 (from $70.00).

Analyst, Rajeev Jashnani, said, "Proabably the biggest point of contention that we hear on JNJ relates to valuation. While the stock does trade at 10% & 8% premiums to US large cap med tech & pharma groups, it is not clear to us that these broad averages are relevant comps. In med tech, JNJ has less exposure to sluggish cardio/ortho end-markets. In pharma, outlook vs. US peers is also fairly wide, as JNJ revs could grow at 6% over next 3 yrs vs. flattish for the broader group. JNJ trades at a ~30% discount to consumer.

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 $69.22 yesterday.

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