UPDATE: Deutsche Bank Upgrades Johnson & Johnson to Buy on Improving Trends
Deutsche Bank raised its rating on Johnson & Johnson (NYSE: JNJ) from Hold to Buy and increased its price target from $75 to $82.
Deutsche Bank commented, "For the past several years, JNJ has weathered through patent expirations, a general slowdown in utilization trends, and challenges with its OTC businesses. As we look ahead to 2013, we believe JNJ will see improving trends. We expect recent and new drugs to continue to drive pharma sales. A slight improvement in utilization and new products should benefit MD&D. For Consumer, J&J should continue to work through the McNeil Consent Decree and return products to market. Given these improving trends and the benefits of diversification, we believe JNJ deserves a premium to its peers."
Johnson & Johnson closed at $70.74 on Thursday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.