Analyst Josh Jennings from TD Cowen maintained a Buy rating on Johnson & Johnson and increased the price target to $222.00 from $185.00.
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Josh Jennings has given his Buy rating due to a combination of factors, including Johnson & Johnson’s strong financial performance in the third quarter. The company exceeded market expectations with its revenue and earnings per share, showcasing robust growth in both its Innovative Medicine and MedTech segments. This performance highlights JNJ’s ability to effectively manage challenges, such as the loss of exclusivity for Stelara, while still achieving significant sales growth in other pharmaceutical areas.
Additionally, Johnson & Johnson has increased its operational sales guidance, reflecting confidence in its future growth prospects. The company anticipates higher operational and reported sales, supported by its strategic initiatives and investments aimed at long-term growth. The planned separation of its orthopedics division is also seen as a potential catalyst for further expansion, contributing to Jennings’s positive outlook on the stock.
According to TipRanks, Jennings is a 3-star analyst with an average return of 2.5% and a 47.79% success rate. Jennings covers the Healthcare sector, focusing on stocks such as TransMedics Group, Boston Scientific, and Medtronic.
In another report released today, UBS also maintained a Buy rating on the stock with a $214.00 price target.