UPDATE: Bank of America Reiterates on Johnson & Johnson Following Strong Q1 Performance

In a report published Wednesday, Bank of America analyst Bob Hopkins reiterated a Neutral rating on

, and raised the price target from $95.00 to $106.00. In the report, Bank of America noted, “Based on JNJ's very strong Q1 performance, we are raising our PO for JNJ to $106, which assumes JNJ can trade at the very high end of its five year relative trading range compared to the S&P 500. Today JNJ trades at about a 9% premium to the S&P on one year forward P/E; and over the last five years JNJ has traded in a range of about a 17% premium to a 15% discount. Our new PO assumes JNJ goes back to the high end of that range, but because the potential exists for JNJ to also exceed earnings estimates even further, we believe there may be additional upside to $106.” Johnson & Johnson closed on Tuesday at $99.20.