Shares of Johnson & Johnson (NYSE: JNJ) gained in pre-market trading on Tuesday after the company reported Q4 earnings of $2.35 per share, up 10.3% year-over-year which beat analysts’ consensus estimate of $2.23 per share.
However, the company that develops medical devices, pharmaceuticals, and consumer packaged goods saw sales decline by 4.4% year-over-year, with revenue hitting $23.7 billion. This beat analysts’ expectations by $200 million.
Looking forward, management now expects revenue and adjusted earnings per share for FY23 to be in the ranges of $96.9 billion to $97.9 billion and between $10.45 and $10.65, respectively. For reference, analysts are expecting $97.73 billion in revenues along with an adjusted EPS of 10.33.
Overall, Wall Street analysts are cautiously optimistic about the stock with a Moderate Buy consensus rating based on three Buys and three Holds. Johnson & Johnson has a consensus price target of $189.50 on JNJ stock, implying a 12.6% upside potential, as indicated by the graphic above.
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