Johnson & Johnson price target lowered to $170 from $180 at BofA

BofA analyst Geoff Meacham lowered the firm’s price target on Johnson & Johnson to $170 from $180 and keeps a Neutral rating on the shares. Shares traded down despite a “solid” Q1 and unchanged reported guidance midpoint, which the firm suspects was due to disappointing Carvykti sales and the Vision business, the analyst tells investors. The firm, which thinks commercial execution from key growth franchises remains the focus and investor sentiment can improve on better-than-expected quarterly performance and pipeline readouts, argues that 2024 guidance looks “beatable,” but lowers its price target on a lower Carvykti sales outlook.