Morgan Stanley upgraded Johnson & Johnson to Overweight from Equal Weight with a price target of $262, up from $200. The firm cites its higher estimates from the company’s new products and a higher valuation multiple for the upgrade. J&J is on a path to earnings beats from a number of new product cycles where Morgan Stanley is 20% above consensus estimates, the analyst tells investors in a research note. The firm says Johnson & Johnson offers one of the most robust new product cycle offerings in biopharma. It upped estimates for Tremfya, Icotyde, Tecvayli and Darzalex.
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