Johnson & Johnson upgraded to Buy at HSBC with shares at three year lows

As previously reported, HSBC upgraded Johnson & Johnson to Buy from Hold with a price target of $170, up from $169. The shares have retreated to three year lows despite fundamentals that are unchanged and headwinds that are well known, says the analyst, who sees “asymmetric risk and attractive upside” as well as diversity that limits material operational downside for J&J. While Talc litigation is an overhang, a resolution would be positive, the analyst added.