Johnson & Johnson shares reached a new 52-week high on Wednesday. UBS increased its price target for the stock to $320 from $280. The share price rose approximately 1.2% to $274.395 following the update.
UBS maintained its Buy rating for the company. Analyst Michael Yee identified the firm as a premier accelerating growth story within the large-cap pharmaceutical and biotech sectors.
The positive outlook is driven by a robust product pipeline in immunology and oncology. UBS projects these segments will sustain accelerated revenue growth through the end of the decade.