real-time news and commentary for investors
Friday, Oct 11
Johnson & Johnson upgraded at Goldman, shares rise 1.9%
- Goldman Sachs removed its Sell rating today on Johnson & Johnson (JNJ +1.9%), upgrading shares to Neutral with a $95 price target, up from $87, on an improved outlook for JNJ's pharma business.
- Pharma has exceeded expectations, Goldman Sachs, seeing momentum continuing with pending launches of ibrutinib and simeprevir, and longer-term anticipating FDA filings of several biologics, including daratumumab (FDA breakthrough designation), sirukumab, and siltuximab.
- The firm believes pharma is converging with biotech and sees the sector in the midst of a multi-year re-rating.