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 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 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, 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 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 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.

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This article is originally published at Insider Monkey.