NEW YORK, Jan 29, 2026, 12:29 ET — Regular session
- JNJ shares dipped slightly by midday, pulling back after an initial surge that had pushed the stock close to record highs.
- Morgan Stanley bumped the rating to “Overweight” and raised its price target to $262.
- This week, the FDA cleared a new Darzalex Faspro combination, highlighting J&J’s pipeline.
Johnson & Johnson shares slipped 0.1% to $227.43 by midday Thursday, having peaked at $229.90 earlier. The stock had closed at $227.72 on Wednesday.
The shift comes after Morgan Stanley raised its rating to “Overweight” from “Equal-weight” and boosted the price target to $262 from $200. Analyst Terence Flynn highlighted what the bank called undeniable commercial momentum from recent launches, noting that earnings growth — rather than a higher valuation — might fuel the next surge. 1
This is significant now because J&J’s growth increasingly depends on newer drugs as its older blockbusters lose steam. Fresh label approvals can quickly reset expectations. On Jan. 27, the U.S. FDA greenlit Darzalex Faspro (daratumumab and hyaluronidase-fihj) combined with bortezomib, lenalidomide, and dexamethasone for certain newly diagnosed multiple myeloma patients, J&J and the agency announced. 2
Adding a twist to the bullish mood, a regulatory filing popped up. A Form 4 — the U.S. disclosure for insider trading activity — revealed that CEO Joaquin Duato’s spouse offloaded 51,218 shares around $220.986 and another 48,782 shares near $221.484 on Jan. 26. The filing still lists additional shares held indirectly by the spouse. 3
The stock’s recent rally has been supported by the company’s own guidance. J&J’s latest results forecast operational sales between $99.5 billion and $100.5 billion in 2026, with adjusted earnings per share ranging from $11.43 to $11.63. 4
Investors remain cautious about the potential fallout from policy compromises. Earlier this month, J&J announced a deal with the Trump administration to lower drug prices, securing exemptions from U.S. tariffs in return. 5
Yet the optimistic outlook from upgrades and approvals can unravel quickly. Delays in pipeline timelines emerge, rivals strike back, and drug pricing pressures resurface — risks that usually appear in guidance well before they affect revenue.
Traders are focused on whether JNJ can maintain its gains after the upgrade through the close, and if further analyst updates will push the stock higher. The next key date is Johnson & Johnson’s first-quarter earnings release, scheduled for Tuesday, April 14, 2026, per the company’s announcement. 6
