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JNJ

Johnson & Johnson

$118.21

0.65 (0.55%)

, PFE

Pfizer

$32.59

-0.0699 (-0.21%)

13:53
10/17/16
10/17
13:53
10/17/16
13:53

On The Fly: What to watch in Johnson & Johnson earnings report

Johnson & Johnson (JNJ) is scheduled to report results of its third fiscal quarter before the market open on October 18, with a conference call scheduled for 8:30 am EDT. What to watch for: 1. UPBEAT GUIDANCE: Along with its last report, J&J raised its fiscal year 2016 earnings per share view to $6.63-$6.73 from $$6.53-$6.68, versus a consensus at the time of $6.61. Analysts currently see the company reporting EPS of $6.69 this fiscal year. On July 20, the day after J&J's second quarter earnings release, research firm RBC Capital raised its price target on the drug giant to $133 from $125, keeping an Outperform rating on shares and saying, "Johnson & Johnson's pharma and consumer units delivered strong results." 2. CURRENCY: Global currency devaluations continue to be a problem for big pharma companies like J&J. Last quarter J&J reported sales of $18.5B, an increase of 3.9% as compared to the second quarter of 2015. Operational sales results increased 5.3% and the negative impact of currency was 1.4%. Domestic sales increased 7.4%. International sales increased 0.4%, reflecting operational growth of 3.1% and a negative currency impact of 2.7%. Excluding the net impact of acquisitions, divestitures and hepatitis C sales, on an operational basis, worldwide sales increased 7.9%, domestic sales increased 8.8% and international sales increased 6.9%. Operations in Venezuela negatively impacted worldwide operational sales growth by 30 basis points, and international sales growth by 70 basis points. REMICADE WORRIES: According to a Bloomberg article from August 17, a federal judge had negated an integral patent on Johnson & Johnson's "blockbuster arthritis drug Remicade." This development., according to Bloomberg, makes the possibility that Pfizer (PFE) will sell a rival copy in the U.S. According to Bloomberg, Cowen analyst Joshua Jennings said at the time, "Today's ruling is clearly a negative with the implication being that Pfizer will potentially move forward' with a risky launch in Q4. DRUG PRICING ENVIRONMENT: According to RBC Capital analyst Glenn Novarro in a note to investors on October 7, concerns about the current pharma pricing rhetoric and a Remicade biosimilar risk are "manageable/overblown." Novarro expects the company to report strong Q3 results, driven by a strong pharma performance. Novoro said he expects the company's Q3 revenue to come in slightly above expectations, and he sees the company narrowing its 2016 EPS guidance to the high end of the previous range. The analyst recommended buying the stock. He kept a $133 price target and Outperform rating on the shares.

JNJ

Johnson & Johnson

$118.21

0.65 (0.55%)

PFE

Pfizer

$32.59

-0.0699 (-0.21%)

  • 18

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    Oct

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    Oct

  • 01

    Nov

  • 06

    Nov

JNJ Johnson & Johnson
$118.21

0.65 (0.55%)

08/24/16
JEFF
08/24/16
NO CHANGE
Target $210
JEFF
Buy
Cooper Companies estimates raised at Jefferies after doctor survey
Jefferies analyst Anthony Petrone reports that the firm's survey of 52 new optometry practices suggest continued gains in dailies and stable share in monthlies for Cooper Companies (COO) and that Johnson & Johnson's (JNJ) Acuvue Vita is off to slow start. Based on the survey results, and a "significant" foreign exchange tailwind, Petrone raised his estimates for Cooper and increased his price target on the shares to $210 from $190. The firm has a Buy rating on Cooper shares.
09/19/16
JEFF
09/19/16
NO CHANGE
Target $48
JEFF
Buy
Abbott unit sale does not impact Alere transaction, says Jefferies
Jefferies analyst Jeffrey Holford believes Abbott's (ABT) sale of its Medical Optics business to Johnson & Johnson (JNJ) does not imply an increased probability that the Alere (ALR) deal will close. After speaking to Abbott management, Holford thinks the proceeds from the sale are more likely to be targeted towards the St. Jude Medical (STJ) acquisition. He believes that deal has a higher probability of closing than Alere. Holford has a Buy rating on Abbott with a $48 price target.
09/19/16
LEER
09/19/16
NO CHANGE
LEER
Abbott, Johnson & Johnson transaction positive for both companies, says Leerink
Leerink analyst Danielle Antalffy says the sale of Abbott's (ABT) Medical Optics ophthalmology business to Johnson & Johnson (JNJ) is positive for both companies. The deal strengthens Abbott's balance sheet and eliminates the need for a previously expected $3B capital raise, and adds a key component to Johnson & Johnson's already-strong vision care franchise, the analyst notes.
10/07/16
RBCM
10/07/16
NO CHANGE
RBCM
Johnson & Johnson weakness creates buying opportunity, says RBC Capital
RBC Capital analyst Glenn Novarro says that Johnson & Johnson underperformed the market in Q3 due to a number of factors including Remicade biosimilar risk and the pharma pricing debate. The analyst says that "these concerns are manageable/overblown," and he expects the company to report strong Q3 results, driven by a strong pharma performance. Novoroo expects the company's Q3 revenue to come in slightly above expectations, and he predicts that the company will narrow its 2016 EPS guidance to the high end of the previous range. The analyst recommends buying the stock. He keeps a $133 price target and Outperform rating on the shares.
PFE Pfizer
$32.59

-0.0699 (-0.21%)

09/14/16
BMOC
09/14/16
NO CHANGE
BMOC
Pfizer should exceed fiscal 2016 guidance, says BMO Capital
BMO Capital analyst Alex Arfaei says that Pfizer should exceed its fiscal 2016 guidance. The analyst says that Medivation, which Pfizer agreed to acquire, gives Pfizer another growth driver. Additionally, Pfizer has a number of other "high margin specialty drugs," according to the analyst. He says that the stock's dividend yield is "attractive," and he keeps a $40 price target and Outperform rating on the shares.
10/07/16
ROTH
10/07/16
NO CHANGE
Target $160
ROTH
Buy
ICU Medical price target raised to $160 from $132 at Roth Capital
Roth Capital analyst Chris Lewis raised his price target for ICU Medical (ICUI) to $160 from $132 after the company announced an agreement to acquire Hospira Infusion Systems from Pfizer (PFE) for $1B. The analyst is overall positive on the deal as it removes the long-standing customer concentration overhang and grows ICU Medical into a legitimate pure-play infusion therapy company with a complete product portfolio. The company also preannounced Q3 preliminary results above expectations, he notes. Lewis reiterates a Buy rating on ICU Medical's shares.
10/13/16
JEFF
10/13/16
DOWNGRADE
Target $36
JEFF
Hold
Pfizer downgraded to Hold from Buy at Jefferies
Jefferies analyst Jeffrey Holford downgraded Pfizer (PFE) to Hold citing a lack of positive catalysts. The analyst says the drivers for his upgrade to Buy have either played out or have not materialized, namely an inversion or GEP unit separation. To reflect the infusion business disposal and weaker Ibrance trends, Holford cut his mid-term earnings estimates for Pfizer by up to 7% and cut his price target for the shares to $36 from $39. The stock closed yesterday down 6c to $33.07. The analyst also sees increased risk of a major acquisition occurring over the next 12 months. In the global pharma space, Holford lists AbbVie (ABBV), Eli Lilly (LLY), Novartis (NVS) and AstraZeneca (AZN) as his top picks.
10/13/16
10/13/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Bristol-Myers (BMY) downgraded to Buy from Conviction Buy at Goldman with analyst Jami Rubin saying disappointing CM-26 data adds a greater level of uncertainty to future trials. 2. Pfizer (PFE) downgraded to Hold from Buy at Jefferies with analyst Jeffrey Holford citing a lack of positive catalysts. 3. Coach (COH) downgraded to Mixed from Positive at OTR Global citing checks that indicate less competitive offerings, reduced promotions, and feedback of some share loss by store managers. 4. E-Trade (ETFC) downgraded to Neutral from Buy at BofA/Merrill. 5. Deckers Brands (DECK) downgraded to Negative from Neutral at Susquehanna with analyst Sam Poser saying he believes the health of the UGG brand is clearly at risk as the company has already started promotional activity. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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GS

Goldman Sachs

$249.02

1.67 (0.68%)

, TAL

TAL Education

$85.58

0.33 (0.39%)

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Hot Stocks
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MYGN

Myriad Genetics

$18.98

-0.07 (-0.37%)

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Veracyte

$7.95

0.06 (0.76%)

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LJPC

La Jolla

$19.87

1.65 (9.06%)

13:39
02/27/17
02/27
13:39
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13:39
Recommendations
La Jolla price target raised to $40 from $27 at Jefferies »

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NH

NantHealth

$7.54

-0.08 (-1.05%)

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Allscripts

$12.05

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VRAY

ViewRay

$4.76

0.01 (0.21%)

13:30
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AIG

AIG

$63.97

0.34 (0.53%)

13:29
02/27/17
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13:29
Periodicals
AIG board to discuss whether to penalize or oust CEO over Q4 numbers, WSJ says »

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HAIN

Hain Celestial

$34.61

-0.23 (-0.66%)

13:26
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Options
Hain Celestial call volume above normal and directionally bullish »

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BLUE

bluebird bio

$82.00

3.7 (4.73%)

13:19
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13:19
Downgrade
bluebird bio rating change  »

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$NSD

NASDAQ Market Internals

13:17
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NASDAQ market internals summary »

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$NYE

NYSE Market Internals

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NYSE market internals summary »

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BLUE

bluebird bio

$82.00

3.7 (4.73%)

13:15
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STM

STMicroelectronics

$15.49

0.485 (3.23%)

13:06
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Options
STMicroelectronics call volume above normal and directionally bullish »

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XOM

Exxon Mobil

$81.47

0.385 (0.47%)

13:05
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Exxon CEO sees rising Permian production, continued Russia presence, Forbes says »

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SAFM

Sanderson Farms

$94.44

-0.72 (-0.76%)

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Conference/Events
Sanderson Farms management to meet with JPMorgan »

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3M

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TRVG

trivago

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SSNLF

Samsung

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SNAP

Snap Inc.

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MRVL

Marvell

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Notable premium seller in Marvell Tech »

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WLL

Whiting Petroleum

$10.95

0.15 (1.39%)

12:46
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Whiting Petroleum call volume above normal and directionally bullish »

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CLSD

Clearside Biomedical

$8.06

1.16 (16.81%)

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SBGSY

Schneider Electric

$13.49

-0.21 (-1.53%)

12:44
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Schneider Electric management to meet with JPMorgan »

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MTB

M&T Bank

$168.14

-0.535 (-0.32%)

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