Gabelli & Co. is out with a research report on Johnson & Johnson JNJ after it reported earnings yesterday. It has a Buy rating on shares.
In a note to clients, Gabelli & Co. writes, "We see accelerating sales growth in the pharma and consumer business through 2012, with steady growth in medical devices and potential upside from Synthes.
The company is evaluating “alternative financing” (using more OUS cash and share buybacks) to offset the shares issued for the Synthes acquisition. While no details or timing was given, this could make the deal accretive in the first year, up from $0.05-0.10 dilutive."
Shares of JNJ closed at $66.72 yesterday.
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