UPDATE: Citi Lowers PT to $70 on Johnson & Johnson

A report from Citi reiterates its Buy rating and lowers its price target from $72 to $70 on Johnson & Johnson (NYSE: JNJ).

The report states, “Behind our Biotech team's new market share forecasts for the global hepatitis-c market, we are adjusting forecasts for JNJ's Incivo but leaving our forecast for TMC-435 largely intact. We are also adjusting our forecasts down to reflect a heavier FX hit than our last update on 10/20. The net result is lower estimates.”

JNJ closed yesterday at $62.37.