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Why Jefferies Upgraded Johnson & Johnson

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On CNBC's "Power Lunch", Jefferies analyst Jeffrey Holford spoke about his upgrade of Johnson & Johnson (NYSE: 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 (NYSE: PFE) consumer health business.

Latest Ratings for JNJ

DateFirmActionFromTo
Apr 2020BarclaysMaintainsOverweight
Apr 2020Morgan StanleyMaintainsOverweight
Apr 2020UBSDowngradesBuyNeutral

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