Johnson & Johnson Analysts Cut Their Forecasts After Q1 Results
Portfolio Pulse from Avi Kapoor
Johnson & Johnson (NYSE:JNJ) reported Q1 earnings with an adjusted EPS of $2.71, surpassing the consensus of $2.64, and sales of $21.38 billion, aligning closely with expectations. The company raised its quarterly dividend to $1.24 per share and updated its fiscal year 2024 sales and EPS guidance, slightly above prior forecasts. Despite the positive results, JNJ shares dropped 0.2%. Analysts from B of A Securities, RBC Capital, and Cantor Fitzgerald adjusted their price targets on JNJ following the earnings announcement.
April 17, 2024 | 5:51 pm
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Johnson & Johnson reported higher-than-expected Q1 earnings, raised its dividend, and provided optimistic FY2024 guidance. However, its stock slightly declined, and analysts adjusted their price targets.
Despite surpassing Q1 earnings expectations and raising dividends, JNJ's stock experienced a minor decline. This could be due to market reactions to the adjusted analyst price targets and the slight adjustments in FY2024 guidance. The mixed response from analysts, with some cutting their price targets, may have contributed to investor caution, leading to a neutral short-term impact on the stock.
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IMPORTANCE 90
RELEVANCE 100