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Why Johnson & Johnson Stock Flopped Today

TheMotleyFool

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Why Johnson & Johnson Stock Flopped Today: https://g.foolcdn.com/editorial/images/751463/stethescope-atop-us-currency-and-coins.jpg

Johnson & Johnson (NYSE: JNJ) stock had a bit of a hangover Wednesday. Following the estimates-beating third-quarter results that the company posted Tuesday, its share price fell by more than 2%. That tumble exceeded the 1.3% decline of the benchmark S&P 500 index.

Before the market open Wednesday, a pair of pundits tracking Johnson & Johnson stock lowered their fair value estimations of the healthcare giant.

Terrance Flynn from white-shoe investment bank Morgan Stanley lowered his by $3 to a new price target of $171 per share. Jayson Bedford of Raymond James made a slightly deeper cut, reducing his target to $172 from the preceding level of $179.

Source Fool.com

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