Morgan Stanley analyst Terence Flynn raised the firm’s price target on Johnson & Johnson to $178 from $170 and keeps an Equal Weight rating on the shares as he refreshed his sum-of-the-parts valuation ahead of the company separating its Consumer Health segment into an independent company, to be called "Kenvue," in the second half of 2023. J&J has previously indicated that many different separation pathways are being considered, including a potential spin or IPO, and he expects more details later this year or in early 2023. The "RemainCo" will be made up of J&J’s Pharma and Medtech segments, noted Flynn, who projects the value of Pharma and Medtech at about $152 per share and sees about $26 per share in value for the Consumer business.
Published first on TheFly
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