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Leerink Partners analyst Michael Cherny downgrades CVS Health (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVS#NYSE">CVS</a>) from Outperform to Market Perform and announces $60 price target.

Downgrades

Price Target

Analyst Ratings

Leerink Partners Downgrades CVS Health to Market Perform, Announces $60 Price Target

Macro Economic Events

Economics

Federal Reserve

Powell Says We Think Policy Is Well Positioned To Address Different Paths Economy Might Take

<a href="https://www.federalreserve.gov/live-broadcast.htm" title="https://www.federalreserve.gov/live-broadcast.htm">https://www.federalreserve.gov/live-broadcast.htm</a>

Fed's Powell Says Our Decisions Depend On Incoming Data

Fed's Powell Says To Hike Rates, We'd Have To See Evidence That Policy Isn't Sufficient To Bring Inflation Back Down To Our Goal; Unlikely That Next Policy Rate Move Would Be A Hike; We Are Focused On How Long To Keep Policy Restrictive

Wednesday,&nbsp;Johnson &amp; Johnson&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>) announced its intention to proceed with a $6.475 billion settlement to resolve numerous lawsuits&nbsp;related to ovarian cancer arising from&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/05/b38544440/johnson-johnson-announces-plan-by-its-subsidiary-llt-management-llc-to-resolve-all-current-and-fut" rel="noreferrer noopener">cosmetic talc litigation</a>.
The Plan provides for a three-month solicitation period during which ovarian claimants are informed of its terms and will have the opportunity to vote – an opportunity denied in prior bankruptcy cases.
If 75% of claimants vote in&nbsp;favor of&nbsp;the Plan, a Company subsidiary may file a consensual &#8220;prepackaged&#8221; Chapter 11 bankruptcy to secure its confirmation.
&nbsp;In January, Johnson &amp; Johnson announced a tentative settlement to address investigations by 42 U.S. states and Washington, D.C., regarding alleged misleading information about the safety of its talc products linked to cancer cases. The pharmaceutical giant&nbsp;is set&nbsp;to&nbsp;<a target="_blank" href="https://www.benzinga.com/general/biotech/24/01/36743981/johnson-johnsons-settlement-for-talc-cancer-lawsuits-reaches-700m-settlement-with-us-states" rel="noreferrer noopener">pay approximately&nbsp;$700 million</a>.
The proposed settlement aims to address the majority of talc-related litigation regarding ovarian cancer against the company, constituting about 99.75% of the lawsuits filed against it.
The remaining pending personal injury lawsuits relate to mesothelioma and will&nbsp;be addressed&nbsp;outside&nbsp;of&nbsp;the Plan. The company has already resolved 95% of mesothelioma lawsuits filed to date.
The proposed settlement extends J&amp;J&#8217;s efforts to address talc-related claims, augmenting previous settlements concerning mesothelioma and allegations by U.S. states regarding inadequate consumer warnings.&nbsp;
J&amp;J has allocated a reserve totaling&nbsp;$11 billion&nbsp;to accommodate talc-related settlements.
Johnson &amp; Johnson recorded an incremental charge of approximately $2.7 billion in the&nbsp;<a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38300896/johnson-johnson-shares-hold-steady-after-q1-earnings-analysts-optimistic-about-futu" rel="noreferrer noopener">first quarter of 2024</a>, for a total reserve of&nbsp;approximately&nbsp;$11.0 billion (or $13.7 billion nominal payable over 25 years).
Despite ongoing legal challenges, including recent verdicts favoring plaintiffs, J&amp;J remains resolute in its defense, citing favorable outcomes in the majority of ovarian cancer cases tried thus far.
In January, U.S. District Judge&nbsp;Michael Shipp&nbsp;ruled that Johnson &amp; Johnson&nbsp;has an opportunity to challenge the scientific evidence linking&nbsp;<a target="_blank" href="https://www.benzinga.com/general/biotech/24/03/37989675/johnson-johnson-has-an-opportunity-in-talc-cancer-lawsuit-can-challenge-scientific-evidence-in-fe" rel="noreferrer noopener">talc to ovarian cancer</a>.
Under Shipp&#8217;s order, Johnson &amp; Johnson has&nbsp;until July 23&nbsp;to present renewed arguments regarding the scientific evidence.
Price Action: JNJ shares are up 4.47% at $151.06 at the last check Wednesday.
Photo via Wikimedia Commons

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Johnson & Johnson Wants To Deal With Talc Lawsuit Overhang, Proposes $6.5B Settlement Package

Citigroup analyst George Choi maintains Melco Resorts and Enter (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MLCO#NASDAQ">MLCO</a>) with a Buy and raises the price target from $13.75 to $14.

Melco Resorts & Entertainment Limited - American Depositary Shares

MLCO

Citigroup Maintains Buy on Melco Resorts and Enter, Raises Price Target to $14

Fed's Powell Says We Believe Over Time Policy Is Sufficiently Restrictive To Bring Inflation Back Down To 2%; The Data Will Show If That's So; Commmitted To Retaining Restrictive Stance Of Policy For As Long As Appropriate

Piper Sandler analyst Alexander Goldfarb downgrades Community Healthcare (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHCT#NYSE">CHCT</a>) from Overweight to Neutral and announces $26 price target.

CHCT

Piper Sandler Downgrades Community Healthcare to Neutral, Announces $26 Price Target

Fed's Powell Says It's Clear That Policy Is Restrictive; We Believe Over Time Policy Is Sufficiently Restrictive To Bring Inflation Back Down To 2%

Fed's Powell Says I Do Think Policy Is Restrictive And Is Weighing On Demand; You Can See That With The Labor Marketl Saw Evidence Of That Today In The Jolts Report; Quits And Hiring Rates Have Normalized; Quits, Hiring Rates Have Normalized

Fed's Powell Says Remain Committed To 2% Inflation Goal

Citigroup analyst Andrew Kaplowitz maintains Trane Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TT#NYSE">TT</a>) with a Buy and raises the price target from $355 to $366.

Citigroup Maintains Buy on Trane Technologies, Raises Price Target to $366

Fed's Powell Says We Will Make Decisions Meeting By Meeting; Slowing Pace Of Qt Does Not Mean Our Balance Sheet Will Shrink Less Than It Would Otherwise; Slowing Pace Of Runoff Will Ensure A Smooth Transition For Money Markets; Decision To Slow Runoff Will Reduce Possibility Of Money Market Stress

Citigroup analyst Andrew Kaplowitz maintains 3M (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMM#NYSE">MMM</a>) with a Neutral and raises the price target from $98 to $100.

Citigroup Maintains Neutral on 3M, Raises Price Target to $100

Fed's Powell Says We Do Not Expect It Will Be Appropriate To Cut Rates Until Have Greater Confidence On Inflation Moving Toward 2%; So Far This Year Inflation Readings Have Not Given Us That Greater Confidence

Piper Sandler analyst Mark Fitzgibbon upgrades New York Community (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NYCB#NYSE">NYCB</a>) from Neutral to Overweight and announces $4 price target.

Upgrades

NYCB

Piper Sandler Upgrades New York Community to Overweight, Announces $4 Price Target

Fed's Powell Says Reducing Policy Too Soon Or Too Much Or Too Late Or Too Little Both Have Risks

Fed's Powell Says Fed Officials Are 'Acutely Aware' Of Hardships Posed By High Inflation

Citigroup analyst Patrick Cunningham maintains Ecolab (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ECL#NYSE">ECL</a>) with a Neutral and raises the price target from $256 to $257.

Citigroup Maintains Neutral on Ecolab, Raises Price Target to $257

On Wednesday,&nbsp;United Therapeutics Corporation&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UTHR#NASDAQ">UTHR</a>) reported first-quarter sales of $677.7 million, up 34%&nbsp;year over year, beating the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">consensus of $623.9 million</a>.
The company reported EPS of $6.17, up from $4.86 a year ago, surpassing the&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/05/b38544435/united-therapeutics-corporation-reports-first-quarter-2024-financial-results" rel="noreferrer noopener">consensus of $5.56</a>.
&#8220;The first quarter of 2024 represents another quarter of record revenue and double-digit year-over-year revenue growth,&#8221;&nbsp;jointly&nbsp;said&nbsp;Martine Rothblatt, Chairperson and Chief Executive Officer&nbsp;and&nbsp;Michael Benkowitz, President and Chief Operating Officer.&nbsp;
&#8220;That growth, coupled with our upcoming clinical reads, puts us in a unique position in the biotech industry: a company with a solid and growing commercial foundation, near-term clinical catalysts, and the potential to provide an unlimited supply of tolerable, transplantable organs.&#8221;
&#8220;Our distinctive commercial and clinical profile, alongside our solid balance sheet and cash flow potential, makes United Therapeutics a compelling investment opportunity,&#8221; said&nbsp;James Edgemond, Chief Financial Officer and Treasurer. &#8220;That&#8217;s why we implemented a $1 billion accelerated share repurchase that concretely demonstrates our belief in our near-term and long-term potential despite potential competition emerging this year.&#8221;
Tyvaso revenues grew by 56% to&nbsp;$372.5 million, primarily due to an increase in quantities sold and continued growth in commercial utilization by patients with pulmonary hypertension associated with interstitial lung disease and, to some extent, due to price increases.
Tyvaso DPI revenues increased 92% to&nbsp;$227.5 million. Nebulized Tyvaso sales reached $145 million, up 21%.
Orenitram sales increased 20% to $106.2 million&nbsp;and Unituxin&nbsp;sales reached $58.4 million,&nbsp;up 19%.
The company&nbsp;<a target="_blank" href="https://ir.unither.com/~/media/Files/U/United-Therapeutics-IR/documents/events-and-presentations/q1-2024-investor-presentation.pdf" rel="noreferrer noopener">highlighted</a>&nbsp;that it&nbsp;reported the highest quarterly revenue for Tyvaso, Orenitram, and Unituxin.
Price Action: UTHR shares are up 8% at $253.08&nbsp;at&nbsp;the last check Wednesday.

Earnings

Guidance

UTHR

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