Wells Fargo analyst Larry Biegelsen upgraded Johnson & Johnson to Outperform and raised his price target for the shares to $149 from $140. The healthcare giant closed Friday up 1c to $133.22.
J&J is poised to re-accelerate its sales growth due to accretion from the Actelion acquisition, a “more measured” than expected impact from biosimilar competition, “solid performance” of key drugs and a pipeline that is “coming to fruition,” Biegelsen tells investors in a research note. Further, the analyst believes Johnson & Johnson could continue to deliver margin improvement and faster earnings growth.
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