RBC Capital Reiterates Outperform Rating on Johnson & Johnson (JNJ)
RBC Capital analyst Shagun Singh reiterated an Outperform rating and $175.00 price target on Johnson & Johnson (NYSE: JNJ).
The analyst comments "JNJ's stock traded higher (+3.7%) post-Q2'24 beat. It maintained its FY24 adjusted operational sales growth outlook but lowered adjusted EPS to reflect M&A-related dilution. Overall, underlying utilization trends were positive in Q2, with growth increasing sequentially on a stacked 2-year basis for both businesses, implying that fundamentals improved from Q1 to Q2. JNJ expects sales growth for MedTech to accelerate in 2H'24, while Innovative Medicine should moderate due to the Stelara biosimilar entry in Europe. Given the valuation (below historical averages), upcoming catalysts, and attractive risk-reward, we reiterate our Outperform/$175PT."
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Shares of Johnson & Johnson closed at $156.58 yesterday.