UPDATE: J.P. Morgan Upgrades Mead Johnson Nutrition on Multiple Positive Factors
In a report published Tuesday, J.P. Morgan analyst Ken Goldman upgraded the rating on Mead Johnson Nutrition (NYSE: MJN) from Neutral to Overweight, and raised the price target from $78.00 to $88.00.
In the report, J.P. Morgan noted, “We believe today, when analyzing MJN, the company's top line growth should be valued more highly than the pending cost headwinds and the possibility of further Chinese government intervention. With relatively easy comparisons approaching, cash flow set to rise in a year because of less capital spending, the possibility of China easing its one baby policy, slightly better birth rates in the US, and the company perhaps suggesting a more aggressive stock buyback to come, we think the EPS and EBITDA growth opportunity is stronger for MJN than at any time in the last year. We raise 2014E to $3.64 from $3.56 (consensus $3.56) and introduce 2015E at $4.08 (consensus $3.93). We establish a December 2014 price target of $88; our previous December 2013 target was $78.”
Mead Johnson Nutrition closed on Monday at $75.64.
Latest Ratings for MJN
|Feb 2017||BMO Capital||Downgrades||Outperform||Market Perform|
|Jan 2017||Berenberg||Initiates Coverage On||Sell|
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.