RBC rates Johnson & Johnson at outperform

Johnson & Johnson was given an outperform rating with average risk and a $78 price target by RBC Capital Markets analyst Phil Nalbone. The company's uninspiring second-quarter sales of $13.363 billion were slightly under the analyst's $13.45 billion forecast and a little better than the Street's consensus of $13.3 billion. RBC did not change its top-and bottom-line estimates for the third quarter, with sales of $13.192 billion expected with pro forma earnings per share of $0.93. Shares of the New Brunswick, N.J.-based pharmaceutical company were up 71 cents, or 1.17%, at $61.31 on volume of 8,465,000 shares versus the three-month running average of 8,638,230 shares. (NYSE: JNJ)

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