Johnson & Johnson price target lowered to $167 from $169 at Guggenheim

Guggenheim lowered the firm’s price target on Johnson & Johnson to $167 from $169 and keeps a Neutral rating on the shares following yesterday morning’s Q4 earnings report, where J&J “generally met” consensus sell-side expectations. The firm does not believe anything in the earnings results or in the company’s comments during the conference call or in a follow-up call change the overall thesis and while it is “intrigued” by the potential of several pipeline assets, it is also concerned about what it sees as a relatively flat growth outlook for the Innovative Medicine segment from 2025-2028 when the company will be losing market exclusivity on products like Stelara, Xarleto, Uptravi and Opsumit.