After diving to $143.13, Johnson & Johnson (SYM: JNJ) are starting to pivot from triple-bottom support dating back to November. Analysts at HSBC like it here, too, upgrading JNJ shares to a buy rating with a price target of $170.
“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,” added HSBC, as quoted by TheFly.com.
Plus, the company just won one of its talc lawsuits. A Florida jury found that JNJ’s baby powder talc did not cause the ovarian cancer of a Florida woman.