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Fly News Breaks for March 4, 2020
Mar 4, 2020 | 17:10 EDT
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."
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