Deutsche Bank Comments on Johnson & Johnson

Deutsche Bank has published a report on Johnson & Johnson JNJ maintaining a HOLD rating for the massive holding company. In the report, Deutsche Bank wrote, "J&J's 2Q11 sales were higher than expected mainly due to FX as underlying growth was similar to 1Q11 adjusting for easy Consumer comps. Adj EPS of $1.28 was ahead of our/Consensus est of $1.24 driven by a lower tax rate, which J&J will reinvest going forward. Nothing materially changes our view since our initiation of coverage on July 8. We maintain our Hold rating as we believe the Pharma pipeline is strong but acknowledged by the Street and our sum-of-theparts shows upside but not enough to warrant a more positive stance." Deutsche Bank rated Johnson & Johnson a HOLD with a price target of $73.00. Johnson & Johnson closed Tuesday at $66.72.