UPDATE: Jefferies Raises PT on Johnson & Johnson on Unimpressive Q1'13 Earnings, But Strong Sentiment

In a report published Friday, Jefferies analyst Jeffrey Holford reiterated a Hold rating on Johnson & Johnson JNJ, and raised the price target from $85.00 to $90.00. In the report, Holford noted, “We were unimpressed with the Q1'13 earnings given that one-off benefits in Pharma made up for the miss in MD&D. Key Pharma growth franchises such as Zytiga, Incivo and Xarelto performed well and Consumer made decent progress in its recovery. Dividend yield and PEG valuations are beginning to look fully valued and we suspect outperformance will be limited from here.” Johnson & Johnson closed on Thursday at $83.18.