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JNJ

Johnson & Johnson

$130.78

-0.57 (-0.43%)

15:53
10/14/19
10/14
15:53
10/14/19
15:53

Fly Intel: What to watch in Johnson & Johnson earnings report

Johnson & Johnson (JNJ) is scheduled to report the results of its third fiscal quarter after the market close on Tuesday, October 15, with a conference call scheduled for 8:30 am EDT. What to watch: 1. LEGAL COSTS: J&J's legal costs have been on investors' minds for years as legal rhetoric surrounding the company's liability in regards to the opioid crisis and the increase in suits over its talc-based baby powder pick up steam. Last week, a Philadelphia jury ordered the company to pay $8B in punitive damages to a man who said its Risperdal drug caused enlarged breast tissue, adding to the company's legal woes, although the company believes the $8B in punitive damages will be overturned. 2. HISTORICALLY CHEAP: On October 11, Lee Hambright, an analyst at Bernstein, wrote that the stock is "historically cheap," currently trading at a 17% discount to its sum-of-the-parts and a 13% discount to the S&P 500 Index. The analyst, who believes J&J will resolve its legal liability for $10B-$12B, said the shares reflect a worst-case scenario with $50B of liabilities being priced in. Following discussions with legal experts, Hambright has a "hard time seeing the worst-case scenarios playing out." The analyst estimated Johnson & Johnson faces about $5B of liability for opioids, another $5B for talc, and $800M for Risperdal. 3 HIV TREATMENT: Johnson & Johnson is getting ready to test a new type of vaccine against HIV, the virus that causes AIDS. According to a Bloomberg article out in July, Johnson & Johnson is laying the groundwork to "test an experimental HIV vaccine in the U.S. and Europe in a move toward developing the first immunization against the deadly disease after decades of frustration." J&J hopes the "vaccine that will work in populations around the world that are infected with myriad strains of the rapidly changing virus. Other candidate shots have focused on preventing single varieties, added the Bloomberg story.

  • 15

    Oct

JNJ Johnson & Johnson
$130.78

-0.57 (-0.43%)

08/27/19
FBCO
08/27/19
NO CHANGE
Target $156
FBCO
Outperform
Opioid ruling reduces uncertainty, helps J&J move higher, says Credit Suisse
Credit Suisse analyst Matt Miksic notes that Johnson & Johnson appeared to react favorably to Oklahoma opioid ruling, due in part, to the $572M penalty being substantially lower than the $17B sought by State prosecutors. The analyst believes the decision helped reduce the range of uncertainty related to the potential opioid-related liability Johnson & Johnson could face, specifically in Oklahoma, if not across the U.S. more broadly. Miksic reiterates an Outperform rating and $156 target on the shares.
10/02/19
WELS
10/02/19
NO CHANGE
WELS
Outperform
J&J Ohio settlements suggest 'manageable' liability, says Wells Fargo
Wells Fargo analyst Larry Biegelsen notes that Johnson & Johnson has announced a settlement agreement with the Ohio counties of Cuyahoga and Summit that resolves all of the counties' claims with no admission of liability and removes the company from the federal trial scheduled to begin October 21, 2019 for a total of $20.4M. The analyst notes that after applying the total settlement amount to the populations of Cuyahoga and Summit counties and that to the total U.S. population of 327M, he arrives at a total settlement amount of $3.7B, which is well below his expected total settlement amount of $10B-$15B. Importantly, Biegelsen expects any settlement amount to be paid over a period of many years which will make the potential payments more manageable for Johnson & Johnson. He has an Outperform rating on the shares.
10/11/19
BERN
10/11/19
UPGRADE
BERN
Outperform
Johnson & Johnson upgraded to Outperform from Market Perform at Bernstein
10/11/19
BERN
10/11/19
UPGRADE
Target $155
BERN
Outperform
Bernstein upgrades 'historically cheap' Johnson & Johnson to Outperform
Bernstein analyst Lee Hambright upgraded Johnson & Johnson to Outperform from Market Perform with a price target of $155, up from $148. The shares in premarket trading are up $1.94, or 1.5%, to $131. The stock is "historically cheap," currently trading at a 17% discount to its sum-of-the-parts and a 13% discount to the S&P 500 Index, Hambright tells investors in a research note. The analyst, who believes J&J will resolve its legal liability for $10B-$12B, says the shares reflect a worst case scenario with $50B of liabilities being priced in. Following discussions with legal experts, Hambright has a "hard time seeing the worst-case scenarios playing out." The analyst estimates Johnson & Johnson faces about $5B of liability for opioids, another $5B for talc, and $800M for Risperdal.

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