RBC Capital raised the firm’s price target on Johnson & Johnson to $181 from $178 and keeps an Outperform rating on the shares after its Q3 earnings beat. The company delivered 5.6% underlying ex-Covid growth that exceeded expectations driven by Innovative Medicine while MedTech lagged due to typical seasonality and AsiaPac headwinds, the analyst tells investors in a research note. Following Q3 results, RBC believes that JNJ continues to make substantial operational progress on an underlying basis with efforts around pipeline execution taking hold, the firm added.
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