Johnson & Johnson (NYSE: JNJ) reported better-than-expected 3Q results today and left its vaccine guidance unchanged.

The company reported Q3 EPS of $2.60 to top the analyst estimate of $2.36. However, revenue for the quarter came in at $23.3 billion to miss the consensus estimate of $23.74 billion. The company left its COVID-19 vaccine sales target unchanged at $2.5 billion.

"Our third-quarter results demonstrate solid performance across Johnson & Johnson, driven by robust above-market results in Pharmaceuticals, ongoing recovery in Medical Devices, and strong growth in Consumer Health," said Alex Gorsky, Chairman and Chief Executive Officer. "In the face of evolving marketplace dynamics resulting from the effects of COVID-19 and other global trends, we have continued to demonstrate the responsiveness and agility required to meet the needs of our stakeholders, while also successfully investing in a pipeline of innovation and key commercial platforms to drive our future growth.”

JNJ projects 2021 EPS of between $9.77 and $9.82, higher than the consensus of $9.66. The company is calling for 2021 revenue of $94.1 to $94.6 billion, versus the consensus of $94.3 billion.

Cantor Fitzgerald analyst Louise Chen reiterated an Overweight rating and a $215.00 per share price target on JNJ. The analyst expects to see more gains in the JNJ stock price, driven by upward earnings revisions to JNJ's Pharma business and multiple expansion, pipeline advancements in Pharma, Med Device and Consumer.

Chen outlined 4 key positives from the quarter: 1) Global pharma sales, 2) Vaccine sales, 3) Medical devices sales, and 4) Consumer health sales.

JNJ stock is down 0.6% in pre-open Tuesday.