Johnson & Johnson loses pelvic mesh class action in Australia

Credit: Reuters India- Published 2 weeks ago
More than 1,350 Australian women won a seven-year-old class action lawsuit on Thursday against Johnson & Johnson (J&J) for misleading patients and surgeons about the risks of the pharmaceutical giant's pelvic mesh implants.

Credit: The Street
Published 2 weeks ago -  01:53
No More Tears for Johnson & Johnson?
No more tears for Johnson & Johnson ? At least one analyst seems to think so, at least in the short run. The beleaguered drug and consumer products giant got a rare, healthy financial checkup and prescription from Cantor Fitzgerald, which initiated coverage on the stock with an overweight recommendation and one-year price target roughly 19% higher than current levels. Cantor Fitzgerald analyst Louise Chen initiated coverage on the New Brunswick, New Jersey-based company with the overweight rating and a 12-month price target of $160. Shares of Johnson & Johnson were at $135.09 in premarket trading on Wednesday. The out-of-the-gate overweight recommendation comes as the embattled 143-year-old pharmaceuticals, medical devices and packaged goods maker continues to dole out billions of dollars in settlements related to state lawsuits against it for its alleged role in the U.S. opioid epidemic, and to additional lawsuits related to its iconic baby powder containing cancer-causing asbestos. Chen isn't alone in her expectations for better times ahead for JNJ. Karmin Line Capital CIO and TheStreet contributor Mark Sebastian wrote in a recent Real Money Pro commentary that he too feels Johnson & Johnson has likely seen the worst and has better days ahead, at least from a valuation perspective. "A lot of investing is just waiting until the market hates good companies. Johnson & Johnson is a good company that is suffering from bad news of late. "The recent lows on baby powder/opioid litigation and some other bad news had the stock around $126," Sebastian said. "JNJ is now rebounding a bit to the $130 level, but there is some premium left in the options and an opportunity to grab 2019 lows." Johnson & Johnson is a holding in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells JNJ? Learn more now. Bull Market Fantasy: LIVE TUESDAY & THURSDAY @10:45AM Subscribe to our Youtube Channel for more videos : Listen our latest Podcasts on Soundcloud Catch Up: Today's Top News Videos Below

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