Wells Fargo upgraded Johnson & Johnson JNJ) to over-weight from equal weight saying that the healthcare giant is attractively priced with pharmaceutical tariff risks and drug pricing concerns in the rear-view mirror.
The bank upped its price target to $212 from $170 (~14% upside based on Oct. 2 close).
Analyst Larry Biegelsen said that J&J’s current share price provides an attractive entry point given the potential upside to its pharma business.
In that segment, he expects better growth in 2026 than 2025, and in 2027, to exceed 2026’s growth.
Biegelsen added that in light of Pfizer’s (PFE) announcement on Sept. 30 of a deal with the Trump administration to supply its drugs at a discount to US consumers, he expects other pharmas to follow suit.
