Goldman Bullish On Johnson & Johnson Following Earnings

Johnson & Johnson’s (JNJ) first quarter earnings came in well ahead of analyst expecations, with strong revenue results and outperformance in many businesses, including 11% growth in pharma.

As a result, Goldman Sachs analyst Lawrence Keusch reiterated his “buy” rating and US$75 price target, which represents upside of roughly 16%.

“Once again, J&J showcased its ability to exceed expectations by relying on its broad product portfolio to drive top-line performance, while controlling spending to expand operating margins” he said in a note to clients.

The company also appears to be taking advantage of the integration of Pfizer’s (PFE) consumer healthcare business.