Johnson & Johnson price target raised to $160 from $155 at Stifel

Stifel analyst Rick Wise raised the firm’s price target on Johnson & Johnson to $160 from $155 and keeps a Hold rating on the shares. Offsetting concerns about China and competitive pressures, Johnson & Johnson’s robust Innovative Medicine performance reiterated a still-positive second half of 2024 growth resiliency, the firm says. For MedTech specifically, despite China and competition pressuring Q2 MedTech performance, J&J’s earnings call comments left Stifel “feeling less concerned” than expected. Most notably, J&J seemed confident and optimistic about faster MedTech second half of the year growth. Net-net, for the MedTech company group outlook, the firm continues to use the phrase “steady-as-she-goes,” as Johnson & Johnson’s second half of 2024 utilization and procedure volume commentary seemed little changed overall.