Wolfe starts J&J at Outperform, sees growth drivers as ‘best-in-class’

Wolfe Research analyst Alexandria Hammond initiated coverage of Johnson & Johnson (JNJ) with an Outperform rating and $190 price target The firm expects growth names and/or “dream the dream” names to be the winners looking to 2025 and outside of Mounjaro/Zepbound from Lilly (LLY), the firm sees J&J’s Pharma growth drivers of JNJ-2113, Tremfya, nipocalimab, Carvykti, and Drazalex Faspro as “best-in-class.” Moreover, even with Stelara facing loss-of-exclusivity headwinds, Wolfe still forecasts J&J’s revenue growing at least 3%.