These Analysts Cut Their Forecasts On Johnson & Johnson After Q3 Results

Johnson & Johnson (NYSE:JNJ) on Tuesday reported upbeat third-quarter results and raised its full-year guidance.

Adjusted earnings fell 7.5% year over year to $2.59 per share but beat analysts’ consensus estimate of $2.53. Sales rose 5.9% to $25.39 billion, topping the consensus estimate of $25.25 billion. Operational sales increased 6%, while adjusted operational sales grew 6.1%.

Johnson & Johnson raised its adjusted earnings guidance to $11.05-$11.15 per share from $10.96-$11.11, compared with the $11.08 consensus estimate. The company also increased its sales outlook to $101 billion-$101.40 billion from $100.8 billion-$101.40 billion, versus analysts’ expectations of $101.29 billion.

“Johnson & Johnson’s strong third-quarter performance and increased sequential growth reflect the accelerating momentum of our focused portfolio,” said Joaquin Duato, Chairman and Chief Executive Officer. “In the third quarter, we advanced breakthroughs that will redefine care for patients, from delivering one of our most transformative MedTech innovations with OTTAVA to reporting positive Phase 3 results in multiple myeloma. This progress, together with strategic investments in high-growth areas, gives us clearer line of sight to double-digit growth by the end of the decade.”

Johnson & Johnson shares gained 1.6% to trade at $252.51 on Wednesday.

These analysts made changes to their price targets on Johnson & Johnson following earnings announcement.

• RBC Capital analyst Trung Huynh maintained the stock with an Outperform rating and lowered the price target from $290 to $280.
• Wells Fargo analyst Larry Biegelsen maintained the stock with an Overweight rating and cut the price target from $282 to $275.

Considering buying JNJ stock? Here’s what analysts think:

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