Jefferies Downgrades Johnson & Johnson (JNJ) to Hold, Easy Money Made

Jefferies downgraded Johnson & Johnson (NYSE: JNJ) from Buy to Hold with a price target of $75.00 (from $78.00), saying the easy money has been made.

The firm comments, "We upgraded J&J to Buy in June on the back of the re-engineered financing of the Synthes merger, which was highly accretive in our view. We looked for the shares to re-rate to a 10-15% market premium from the 1% discount at the time. Most of this move has occurred now and with the MD&D day postponed and reimbursement pressures intensifying we see the shares as fairly valued."

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 $69.87 yesterday.

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