Johnson & Johnson (JNJ) PT Raised to $160 at Stifel

Stifel analyst Rick Wise raised the price target on Johnson & Johnson (NYSE: JNJ) to $160.00 (from $155.00) while maintaining a Hold rating.

The analyst comments "Offsetting concerns about China and competitive pressures, JNJ’s robust Innovative Medicine (65.5% of sales, +8.8% y/y) performance reiterated a still-positive 2H24 growth resiliency. For MedTech (34.5% of sales, +4.4% y/y) specifically, despite China and competition pressuring 2Q MedTech performance, JNJ’s earnings call comments left us feeling less concerned than we expected. Most notably, JNJ seemed confident and optimistic about faster MedTech 2H growth. Also positively: the company did not highlight new incremental macro headwinds, indicated that currency is stable, and that the talc litigation overhang is moving incrementally closer to conclusion. Net-net, for the MedTech company group outlook, we continue to use the phrase “steady-as-she-goes,” as JNJ's 2H24 utilization and procedure volume commentary seemed little changed overall."

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