Johnson & Johnson (JNJ) recently announced that it is retracting every unit of five NEUTROGENA and AVEENO aerosol sunscreen product lines from the consumer market, due to the discovery of benzene in a few samples.
In an internal testing process conducted on its products, small amounts of benzene, a potential carcinogen, were identified in a few samples. NEUTROGENA’s Beach Defense, Cool Dry Sport, Invisible Daily defense, and Ultra Sheer lines of aerosol sunscreens, as well as AVEENO Protect + Refresh aerosol sunscreen, were found to be contaminated by the presence of benzene, and were immediately recalled voluntarily by the company. (See Johnson & Johnson stock chart on TipRanks)
Apart from this move, the company also recommended that the products should be immediately discarded by the consumers who already possess them. The pharmaceutical giant emphasized that benzene is not used as an ingredient in any of its other products. J & J also explained that exposure to benzene at the levels present in the sunscreens would not harm the health of its users.
On July 2, Cantor Fitzgerald analyst Louise Chen reiterated a Buy rating on Johnson & Johnson with a price target of $200, implying a 17.4% upside potential to current levels.
Chen was encouraged by the positive outcomes of the company’s single-shot COVID-19 vaccine. The vaccine demonstrated strong immunization prowess against the Delta variant as well as other concerning variants. Moreover, the immune responses persisted through at least 8 months.
Consensus among analysts is a Strong Buy based on 6 unanimous Buys. The average Johnson & Johnson price target of $190.75 implies 11.9% upside potential to current levels.
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