Gabelli Raises Estimates On Johnson & Johnson (JNJ)

Gabelli & Co. is raising its estimates on Johnson & Johnson JNJ following earnings yesterday. In a note to clients, Gabelli writes, "We have raised our 2011 EPS estimate by $0.10 to $4.95 due to FX rates, a favorable Merck settlement, and core business strength. JNJ reported an impressive quarter which could mark the beginning of a long-awaited acceleration in revenue and earnings as pharma and device businesses perform well and the impact of the OTC recalls begins to fade. PMV of $80 in 2012" Shares of JNJ are up $1.17 to $63.86, a gain of 1.8%.