Guggenheim last night upgraded Johnson & Johnson to Buy from Neutral with a price target of $206, up from $167. The firm is comfortable with how the company navigated the loss of exclusivity for Stelara and expects its Innovative Medicine business will drive the next era of growth. The business’s existing products like Tremfya, Darzalex, Spravato, and Caplyta have meaningfully more upside while newer assets are not being properly valued by the Street, the analyst tells investors in a research note. Continued progress with J&J’s marketed and pipeline assets should meaningfully increase investor expectations for growth in 2027 and beyond, contends Guggenheim.
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