Guggenheim raised the firm’s price target on Johnson & Johnson to $167 from $164 and keeps a Neutral rating on the shares after the company delivered a “strong” Q2 and gave an “encouraging outlook” for the company’s growth prospects in the second half. The firm keeps a Neutral rating on J&J shares as it waits for more visibility on the emerging Innovative Medicine pipeline that will need to offset Stelara’s decline, the analyst noted.
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