Johnson & Johnson (JNJ +1.4%) is the only Dow stock sporting a gain amid today’s broader market rout, after surprising investors by announcing a settlement with two Ohio counties ahead of an upcoming opioid trial.
Credit Suisse’s Matt Miksic reiterates an
Outperform rating on JNJ with a $156 price target, saying while the
settlement does not clear the company of all potential opioid-related
litigation liability, increased clarity on liability should shift focus to the company’s fundamentals, and the latest news is “a solid step” in the right direction.
Miksic says his recently updated analysis of sales
and prescription trends for July and August points to $570M upside to
its U.S. pharmaceuticals estimates for Q3.
https://seekingalpha.com/news/3503467-j-and-j-opioid-settlement-help-return-focus-fundamentals-analyst-says
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