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.

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 as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT:  15 Best Data Center Stocks to Buy Now and 11 Deep Value Stocks to Buy According to Analysts.

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