Johnson & Johnson (JNJ) PT Raised to $193 at Credit Suisse

Credit Suisse analyst Matt Miksic raised the price target on Johnson & Johnson (NYSE: JNJ) to $193.00 (from $168.00) while maintaining a Outperform rating following the company's 4Q earnings report. JNJ’s Med Devices results were in line with expectations of a late-Q4 slowdown in elective procedures, consistent with recent sector pre-announcements and commentary.

Mgmt’s 2021 organic sales growth and EPS guidance call for 8.0 - 9.5% growth (slightly above consensus) and $9.40 - 9.60, respectively (45-65c above prior estimates). Credit Suisse raised 2021 sales estimates by $1.96 bil (~2%) and increased 2021 EPS estimate by 55c (~2%), to $9.50, in line with management’s guidance.

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