UPDATE: J.P. Morgan Downgrades Johnson & Johnson to Neutral on Trading Premium
In a report published Monday, J.P. Morgan analyst Michael Weinstein downgraded the rating on Johnson & Johnson (NYSE: JNJ) from Overweight to Neutral, but raised the price target from $77.00 to $83.00.
In the report, Weinstein noted, “Last June, J&J was trading at a 5% discount to the sum-of-its-parts; now the shares trade at an 8% premium after a 30% run (and $54B in increased market cap). As good as Pharma and Consumer Staples stocks have been, J&J of late has been even better; and while fundamentals have improved at J&J, at $82 we think this is much more reflected in the name.”
Johnson & Johnson closed on Friday at $82.04.
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