Citi analyst Joanne Wuensch initiated coverage of Johnson & Johnson with a Buy rating and $163 price target. The analyst said that Johnson & Johnson is an "$82B revenue global behemoth that has slowly recreated itself through M&A, divestitures, internal R&D and partnerships." Where the company's major drivers used to include diabetes management, Remicade, Zytiga, and Invokana, they now include surgical and orthopaedic robotics, electrophysiology, Tremfya, Darzalex, and Erleada. Wuensch does note that "the elephant in the room is litigation," with issues over opioid, talc baby powder, and Risperdal products, but she remains focused on the company's pipeline and fundamentals, noting "ultimately the amount that the company pays is very different than what is reported in the headlines."

BofA analyst Geoff Meacham lowered the firm's price target on Johnson & Johnson to $170 from $180 and keeps a Neutral rating on the shares. Shares traded down despite a "solid" Q1 and unchanged reported guidance midpoint, which the firm suspects was due to disappointing Carvykti sales and the Vision business, the analyst tells investors. The firm, which thinks commercial execution from key growth franchises remains the focus and investor sentiment can improve on better-than-expected quarterly performance and pipeline readouts, argues that 2024 guidance looks "beatable," but lowers its price target on a lower Carvykti sales outlook.

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Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1... To see the rest of the story go to thefly.com. See Story Here

H.C. Wainwright notes that Legend Biotech (LEGN) partner Janssen, a division of Johnson & Johnson (JNJ), reported Q1 aggregate revenues for Carvykti that implied a 1% quarter-over-quarter contraction following 5% quarter-over-quarter growth recorded from Q3 to Q4. However, the flat sales in Q were "not alarming to us" as the firm expects a return to growth, with substantial growth in the second half of 2024 compared to the first half, says the analyst, who reiterates a Buy rating and $87 price target on Legend shares.

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Reports Q1 revenue $21.4B, consensus $21.4B. "Johnson & Johnson's solid first quarter performance reflects our sharpened focus and the progress in our portfolio and pipeline," said Joaquin Duato, Chairman and Chief Executive Officer. "Our impact across the full spectrum of healthcare is unique in our industry, and the milestones achieved this quarter reinforce our position as an innovation powerhouse."