UPDATE: Stifel Nicolaus Initiates Johnson & Johnson at Hold; Fairly Valued

Stifel Nicolaus initiated coverage on Johnson & Johnson

with a Hold rating. Stifel Nicolaus noted, "We are initiating coverage of Johnson & Johnson (JNJ) with a Hold rating. We see JNJ as a core health care holding and total return vehicle in any environment for investors looking for safety and stability, particularly in these uncertain times. As JNJ continues to resolve recent issues and ex-FX sales growth reaccelerates modestly in each year over the next few years, JNJ shares should sustain its 12.6x forward P/E multiple, in line with the S&P 500." Johnson & Johnson closed at $69.19 on Monday.