Raymond James analyst Jayson Bedford lowered the firm’s price target on Johnson & Johnson to $162 from $165 and keeps an Outperform rating on the shares ahead of quarterly results. While a portion of the tariff drama was dampened last Wednesday, the firm still expects Q1 MedTech earnings season to be eventful. The uncertainty tied to the impact of tariffs has tightened investment decisions, reduced the appetite for risk, and weighed on MedTech multiples. Based on Raymond James’ math, the market is baking in an 8% cut to annual EPS for its large cap coverage. While the firm acknowledges a heightened level of uncertainty, its initial view is that this seems excessive.
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