Morgan Stanley raised the firm’s price target on Johnson & Johnson to $169 from $167 but keeps an Equal Weight rating on the shares. The company’s Q2 results and affirmed 2024 revenue guidance are “in line”, though its reduced EPS outlook reflects being negatively impacted by recent Shockwave, Proteologix, and Yellow Jersey Therapeutics deals, the analyst tells investors in a research note. Morgan Stanley adds that its sum-of-parts analysis suggests that the stock is trading at fair value as each of the company’s segments has a similar growth outlook to a peer group average.
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