UPDATE: Jefferies Reiterates Hold Rating, Raises PT on Johnson & Johnson Following SOTP Analysis

In a report published Tuesday, Jefferies analyst Jeffrey Holford reiterated a Hold rating on Johnson & Johnson JNJ, and raised the price target from $90.00 to $97.00. In the report, Jefferies noted, “As the Pharmaceuticals Industry looks towards restructuring and separation of undervalued assets we have prepared a highly proprietary sum of the parts analysis for our coverage universe to find the best opportunities. As a result we have upgraded Bayer and Merck & Co. to Buy from Hold and Eli Lilly to Hold from U/P, though it remains our least preferred stock. Novartis and Abbott are now our Top European and US picks respectively.” Johnson & Johnson closed on Friday at $86.82.