Johnson & Johnson (NYSE:JNJ) stock was upgraded by UBS analysts to Buy from Neutral, ahead of the company’s analyst day event on December 5.
The firm also raised its price target to $180 from $167. JNJ shares climbed 1.3% Friday afternoon to $156.59.
Analysts took a bullish stance on the company’s innovative medicine division and expect the medtech division to grow in line with expectations.
“With such an undemanding valuation at current levels, including the risks associated with the talc file, we consider J&J to be a leading diversified healthcare player in view of the company's commitment to innovation", analysts wrote.
Johnson & Johnson (NYSE:JNJ) will report fourth-quarter earnings on January 23.
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