Johnson & Johnson assumed with a Neutral at UBS

UBS assumed coverage of Johnson & Johnson with a Neutral rating and $164 price target as part of a sector note on U.S. Medical Supplies and Devices. The firm views its 2023 and 2024 EPS and sales estimates as reasonably conservative, but has low visibility into the near-term sales outlook as ~10% of sales become at risk with the STELARA LOE starting in late 2023, the analyst tells investors in a research note. UBS sees limited room for multiple expansion from the current level, implying roughly 7% upside to shares from here.