Johnson & Johnson (JNJ) PT Raised to $140 at Stifel

Stifel analyst Rick Wise raised the price target on Johnson & Johnson (NYSE: JNJ) to $140.00 (from $135.00) while maintaining a Hold rating. 1Q19 sales and EPS outperformed expectations and management raised operational sales growth and underlying EPS outlooks. The results were buoyed by better-thanexpected Pharmaceutical and Medical Devices growth, while visible baby talc powder and other market headwinds dampened Consumer performance.

At $20.02B, 1Q19 worldwide reported sales increased 3.9% Y/Y ex-FX or 5.5% on an organic basis, solidly outpacing Street (+$400M) expectations. JNJ top-line outperformance was largely driven by better than expected Pharmaceutical sales with some upside from a sequentially improving Medical Device business.

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