UBS analyst, Matt Miksic, reiterated his Buy rating on shares of Johnson & Johnson (NYSE: JNJ) and raised his price target to $137 from $126.

Taking a deeper dive into the results with management, the analyst came away feeling even better about the quarter. Results were strong across Pharma, select device markets and Consumer (ex-Venezuela), and the raise in guidance is driven mostly by expectations for core businesses, with acquisitions and divestitures roughly offsetting each other for this year and 1H17.

The analyst raised his our target from $126 to $137 driven by higher EBITDA estimates and EV/EBITDA multiple (13x vs.12x). He continues to see the stock significantly outperform his universe over the next 12 months, with total return of ~12% from current levels to our new target.

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 $125.25 yesterday.