Goldman Sachs analyst Chris Shibutani lowered the firm’s price target on Johnson & Johnson to $159 from $162 and keeps a Neutral rating on the shares. The company’s Q3 results were overall largely inline with expectations with relatively stronger performance from the Innovative Medicine business offsetting headwinds across MedTech, the analyst tells investors in a research note. The management’s preliminary 2025 outlook commentary also included ongoing confidence in delivering greater than $57B in Innovative Medicine sales and continued to peg the company’s 2024-27 growth objectives for MedTech at the upper end of 5%-7%, though the firm believes that this may be “ambitious”, Goldman Sachs added.
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