J&J sized up favorably after positive medical devices update

 

• Bank of America has a positive read-through on Johnson & Johnson (JNJ -1.5%) from the company's medical devices update last week.
• "JNJ’s comments at their medical device focused analyst day last week suggest that the recent spread of COVID has had less of an impact on surgical procedure volumes than we anticipated. Checks also indicate capital trends remain solid. JNJ stated that, in their top ten markets, device revenue has been over 100% of last year’s levels over the last three weeks. JNJ also gave a breakdown of growth by geography which suggests JNJ’s total device growth is probably down slightly year over year currently. These JNJ comments seem to us encouraging but we remain cautious near term as COVID’s spread continues especially in the US which could pressure surgical volumes over the next six weeks."
• BofA keeps a Buy rating on Johnson & Johnson.
• https://seekingalpha.com/news/3638793-johnson-johnson-sized-up-favorably-after-positive-medical-devices-update