Piper Jaffray Maintains Neutral Rating and $69 PT on Johnson & Johnson

A report from Piper Jaffray reiterates its Neutral rating and $69 price target on Johnson & Johnson JNJ. The report states, “We came away from our session with management with a better understanding of Ethicon's strategic approach to its core businesses. Management emphasized the company's focus on driving innovation and geographic expansion, especially in the BRIC markets, to help offset sluggish growth trends and pricing pressure in developed markets.” JNJ closed yesterday at $64.72.