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Johnson & Johnson at outperform by RBC
RBC Capital Markets analyst Phi Nalbone gave Johnson & Johnson a rating of outperform, average risk, after the company announced a definitive agreement to purchase Pfizer Consumer Healthcare for $16.6 billion. The company plans to finance the transaction with existing cash on hand. The analyst raised its 2007 sales estimate by $4.4 billion to $60.82 billion and lowered its 2007 earnings-per-share estimate by 12 cents to $3.86. Shares of the New Brunswick, N.J.-based pharmaceutical company were down 66 cents, or 1.10%, at $59.55 on volume of 10,336,600 shares versus the three-month running average of 8,873,270 shares. (NYSE: JNJ)
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