Goldman Sachs Switches Top New Product Story From BMY To JNJ

Goldman Sachs is switching its top new product story from Bristol-Myers Squibb Company BMY to Johnson & Johnson JNJ “as we believe BMY's superior new product story is now better appreciated while JNJ's remains under the radar screen.” “Hence, we downgrade BMY to Neutral and upgrade JNJ to Buy,” Goldman Sachs writes. “Our downgrade of BMY does not imply a change in our constructive view of BMY. With less upside to our BMY target (+11%), we simply see a better combination of catalysts and upside potential in JNJ, which we upgrade to buy with a 12-month $77 target (+17%).” Bristol-Myers Squibb Company closed Tuesday at $28.81; Johnson & Johnson closed at $65.76.