On CNBC's "Power Lunch", Jefferies analyst Jeffrey Holford spoke about his upgrade of Johnson & Johnson JNJ.
He upgraded the stock to Buy and he increased its price target to $157 from $145. Holford sees the acquisition of Actelion as important and he thinks it's going to have a faster impact because Johnson & Johnson isn't taking all of its R&D infrastructure. The biggest driver of his Buy rating are the products that are already in the company, especially the oncology division.
Holford added that Talcum powder lawsuits shouldn't have a major impact on the company, because the big studies show no connection to cancer. The company has a strong balance sheet and it can deal with significant liabilities. He also thinks Johnson & Johnson would be interested in buying Pfizer's PFE consumer health business.
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