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JNJ

Johnson & Johnson

$134.97

3.99 (3.05%)

13:36
11/17/19
11/17
13:36
11/17/19
13:36

J&J rushed to test baby powder and got complicated results, WSJ says

In October, Johnson & Johnson (JNJ) rushed to test its baby powder after the FDA found asbestos in a bottle and initiated a recall. Eleven days later, the company reported that "independent testing had found no trace of the contaminant." However, Johnson & Johnson's rush to resolve the issue "contributed to results that were more complicated," according to the Wall Street Journal's Peter Loftus, citing a review of lab reports released by the company. In order to meet the deadline, one lab was forced to use a testing room normally used to analyze gunshot residue. According to documents, the lab found trace amounts of asbestos in some baby powder samples at first, but "later determined that the second room was contaminated by an air-conditioning unit." Another lab told Johnson & Johnson its "preliminary testing found no asbestos," but it hadn't completed its tests when the company announced that no traces of asbestos were found, the documents show. According to the Wall Street Journal, Johnson & Johnson is "continuing to investigate, including with ongoing sample testing, and will provide an update in due course." Reference Link

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JNJ Johnson & Johnson
$134.97

3.99 (3.05%)

10/16/19
10/16/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Johnson & Johnson (JNJ) upgraded to Neutral from Underweight at Atlantic Equities. 2. FMC Corporation (FMC) upgraded to Outperform from Neutral at Baird with analyst Ben Kallo saying he believes FMC's new product introductions, expected share gains in key markets, and operating leverage can drive revenue and adjusted EBITDA growth in 2020 and beyond. 3. Pure Storage (PSTG) upgraded to Outperform from Market Perform at Raymond James with analyst Simon Leopold saying recent VAR/Distributor checks have reflected positive sentiment suggesting Pure can exceed current Street estimates and he has gained a greater appreciation for the market expansion offered by the new FlashArray//C. 4. PDF Solutions (PDFS) upgraded to Buy from Hold at Craig-Hallum with analyst Christian Schwab saying PDF Solutions is transitioning the company to an analytics software model, and believes that looking out 3-5 years, and in line with management's long term model shared at the company's Analyst Day, it can become a "Rule of 40" SaaS like company with 70% gross margins and in aggregate a 20% top line growth rate and 20% operating margin. 5. Builders FirstSource (BLDR) and BMC Stock Holdings (BMCH) upgraded to Overweight from Equal Weight at Stephens. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/18/19
FBCO
10/18/19
NO CHANGE
Target $158
FBCO
Outperform
Credit Suisse says J&J 'unwelcome surprise' recall may also have positive signal
Credit Suisse analyst Matt Miksic said Johnson & Johnson's voluntary recall of a single lot of its baby powder was an "unwelcome surprise" for investors. However, despite the opportunity to take wider action, as the company did with Tylenol in 1982, J&J has chosen at this point to stand by its assertion that the baby powder does not contain asbestos, noted Miksic. On a related call, the company said the test results for the sample which triggered the recall are inconsistent with historical testing of the U.S. mine from which the lot was produced, which it said had been confirmed by third-party validation. Miksic, who continues to expect increasing clarity and reduced uncertainty around the range of potential liabilities facing the company, reiterated his Outperform rating and $158 price target on J&J shares.
10/24/19
FBCO
10/24/19
NO CHANGE
Target $163
FBCO
Outperform
Johnson & Johnson price target raised to $163 from $158 at Credit Suisse
Credit Suisse analyst Matt Miksic raised his price target for Johnson & Johnson to $163 from $158as he believes the agreement in principal on opioids reduces uncertainty. While the settlement announcement does not completely eliminate the litigation overhang for the company, it does ratchet down the uncertainty, and may potentially help investors begin to price in a narrower range of potential liability for Johnson & Johnson. In terms of fundamentals, the company's Q3 results and a steady cadence of new products and favorable pipeline updates has helped reinforce the strength and breadth of its growth drivers, he contends. Miksic reiterates an Outperform rating on the shares.
10/30/19
MSCO
10/30/19
NO CHANGE
MSCO
Morgan Stanley says J&J talc test 'not an all clear,' but incremental positive
Morgan Stanley analyst David Lewis noted that Johnson & Johnson announced that its independent testing concluded no presence of asbestos in the company's previously recalled baby powder, though the FDA subsequently stated, "They would say the product is free of asbestos based on their testing, and we would say the opposite for that sample." Though the FDA is standing behind its test, Lewis doesn't think this suggests a contentious disagreement, but rather a statement of fact for respective testing. The analyst, who said that he has more work to do to understand the results and protocols, said this news is "not an all clear," but it is an incremental positive.

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