Johnson & Johnson price target lowered to $181 from $185 at Raymond James

Raymond James analyst Jayson Bedford lowered the firm’s price target on Johnson & Johnson to $181 from $185 and keeps an Outperform rating on the shares. J&J’s underlying Q1 results were stronger than expected despite some puts/takes, and while the company is demonstrating power in Consumer and MedTech procedure trends are improving, concerns around talc, the timing/read-through of the MARIPOSA data, and the lingering Stelara LOE headwinds are weighing on the stock, the analyst tells investors in a research note. The concerns are valid, but should be at least partially reflected in the multiple, the firm says.