Citi Lifts Johnson & Johnson (JNJ) Price Target to $200 on MedTech Strength

Johnson & Johnson (NYSE:JNJ) is one of the top stocks to buy and hold forever. Founded in 1887, the company has built a global brand and a portfolio of patent-protected drugs in oncology, immunology, neuroscience, and infectious diseases. Combined with its strong distribution network, these factors provide Johnson & Johnson (NYSE:JNJ) with a durable competitive advantage and make it a solid name to hold for the long run.

On August 21, Citi analysts raised their price target on Johnson & Johnson (NYSE:JNJ) from $185 to $200, while keeping a Buy rating. The adjustment came as part of the firm’s review of Q2 earnings across the medtech space. The analysts described the sector’s fundamentals as healthy and flagged Johnson & Johnson (NYSE:JNJ), along with peers such as Edwards Lifesciences and Penumbra, as having potential positive catalysts ahead.

Citi Lifts Johnson & Johnson (JNJ) Price Target to $200 on MedTech Strength

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Around the same time, Johnson & Johnson (NYSE:JNJ) announced that it is expanding its U.S. manufacturing footprint with a new over 160,000 square foot facility at FUJIFILM’s biopharmaceutical site in Holly Springs, North Carolina. The company has committed $2 billion over the next decade to the project.

Chairman and CEO Joaquin Duato emphasized that the U.S. remains J&J’s largest base of operations. Earlier this year, the company also outlined a $55 billion investment plan over four years to support domestic manufacturing, R&D, and technology.

Johnson & Johnson (NYSE:JNJ) is a global healthcare company that engages in the research and development, manufacture, and sale of a wide range of healthcare products, including pharmaceuticals, medical technologies, and consumer health products.

While we acknowledge the potential of JNJ to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than JNJ and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.