Johnson & Johnson Stock Forecast: Trending Bullish Among Analysts

Johnson & Johnson (JNJ) stock has risen 2.9% over the past week, 8.1% over the past month, and an impressive 53.8% over the past year. Wall Street’s analysts are moderately bullish, with a “ModerateBuy” consensus and a 12‑month average price target of $236.08, suggesting further upside from the last closing price of $224.44.

The most notable recent move comes from Terence Flynn of Morgan Stanley, who upgraded Johnson & Johnson from Equal Weight to Overweight (effectively a move to Buy) and lifted his price target to $262.00. This new target sits meaningfully above the current average and implies additional upside from today’s levels. Flynn’s call follows a year in which JNJ outperformed both the S&P 500 and major pharma indices, driven by growing confidence in its forward growth outlook and improved sentiment across the biopharma sector.

Flynn argues that, even after this strong run, the stock’s valuation leaves room for earnings-driven gains. JNJ is trading at roughly 19x/17x his 2026/2027 EPS estimates, which he notes is about a three‑turn discount to the broader S&P 500. While he doesn’t expect a major further re‑rating in the price/earnings multiple, he sees the potential for JNJ to beat profit expectations thanks to one of the most robust new product cycles in biopharma, where his team’s forecasts are roughly 20% above consensus.

The bullish thesis is built on a pipeline spanning immunology and oncology. Flynn highlights therapies such as Tremfya and Icotyde in immunology, Tecvayli and Carvykti in multiple myeloma, and Rybrevant in lung cancer. Following JNJ’s recent Therapeutics Doctor Days, Morgan Stanley raised estimates for Tremfya, Icotyde, Tecvayli, and Darzalex, projecting an additional $3–$7 billion in annual revenue on top of a $100 billion‑plus base. As a result, they now forecast 2026–2030 compound annual growth rates of about 5.5% for revenue and 12% for earnings per share, placing JNJ in a “higher growth” cohort versus biopharma peers, with a manageable loss‑of‑exclusivity profile that is largely offset by the new product cycle.

TipRanks data show Flynn as a solidly ranked analyst: he holds the #907 spot out of 11,984 tracked experts, with a success rate of about 59.64% and an average return of 10.4% per rating. For investors, his upgrade reinforces the broader ModerateBuy stance on Johnson & Johnson, suggesting that, despite the strong rally over the past year, many on Wall Street still see room for JNJ to grow through innovation, earnings beats, and a valuation that remains below the wider market. Never miss a stock rating. Find all the latest ratings on TipRanks’ Top Wall Street Analysts page.