Johnson & Johnson (JNJ) Valuation
Rating: Fairly Priced (High)
12-Month Fair Value: $201 – $223 – $245
Confidence: HIGH
J&J has executed well through the Stelara cliff with DARZALEX (+24%) and TREMFYA (+65%) proving the diversified portfolio thesis. At $227, stock trades in upper third of band with limited near-term upside. Risk/reward 0.51:1 is unfavorable; talc litigation ($8-25B potential) remains key variable. HOLD / TRIM on strength above $235.
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