UPDATE: First Global Downgrades Johnson & Johnson to Market Perform

According to First Global, Johnson & Johnson (NYSE: JNJ) is downgraded to Market Perform.

First Global said that Johnson & Johnson Inc. (JNJ)'s overall performance in Q4 CY11 was a mixed bag. “On one hand, JNJ's adjusted EPS surpassed our as well as the consensus expectations by 1 and 3 cents respectively, while on the other hand, the topline came in moderately short of our and the consensus expectations. We believe that JNJ is likely to step back on the growth trajectory from CY13 onwards, following the potential resolution of the McNeil recall/OTC issues and successful execution of new product launches. At 12x CY13E earnings of $5.47, the stock trades at a premium to its industry peers. In view of the near term pressures and considering that the stock already trades at premium valuations, we now downgrade JNJ to ‘ST MarketPerform.'”