Johnson & Johnson (JNJ) stock has risen 0.9% over the past week, 8.3% in the past month, and an impressive 52.7% over the last 12 months. Wall Street’s analysts are moderately bullish, with a ModerateBuy consensus and forecasting a move toward a 12‑month average price target of $242.77, slightly below the latest close at $248.56.
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Investor attention is now focused on how much upside may be left after this strong run. Analyst Jason Gerberry of BofA, a 4‑star performer who ranks 228 out of 12,096 with a 63.58% success rate and 17.9% average return per rating, reiterated his Hold (Neutral) call on JNJ on March 2, 2026, while nudging his price objective to $253.
Gerberry’s new $253 target implies only modest upside from current levels, but it reflects a more optimistic view of Johnson & Johnson’s pipeline. He highlights updated expectations for near‑to‑market drugs such as Tecvayli in multiple myeloma and Inlexzo in bladder cancer, as well as stronger treatment duration for Darzalex, which together lift his 2027–2032 revenue outlook by 1%–6% and raise the 5‑year growth forecast to 4.6%.
The analyst argues that this improved growth, combined with a “clean” loss‑of‑exclusivity runway and diversified MedTech exposure, supports a premium valuation multiple. His model now assumes a blended 19.75x price‑to‑earnings ratio for JNJ, split between 19x for Pharma and 21x for MedTech, and he notes that the company faces no major patent cliff before the mid‑2030s, a key reason investors view it as a defensive pharma favorite.
Still, Gerberry keeps his rating at Neutral, pointing to limited upside from today’s elevated share price and lingering litigation risks as constraints on a more bullish stance. For investors weighing whether to chase the rally in JNJ, his message is that the fundamentals are strong and improving, but much of that optimism may already be priced in. Never miss a stock rating. Find all the latest ratings on TipRanks’ Top Wall Street Analysts page.