Johnson & Johnson stock price has been trying to recover in the past five intraday sessions. The price seems to be bouncing back from a round level of $145. The stock price has recovered nearly 5% in the recent sessions. However, the price trend still indicates a bearish outlook.
Moreover, the stock price fell over 7% in a week despite delivering optimistic quarterly results. The price trend had already turned pessimistic before the disclosure of results when it broke below the trendline support.
Johnson & Johnson Third Quarterly Earning Analysis
Johnson & Johnson Inc. reported its third quarterly results on Tuesday, 17th October. The quarterly results were optimistic and outperforming despite which the price fell nearly 7%.
The revenues for the current quarter were reported at $21.351 Billion slightly surpassing the analysts’ estimates. The earnings were reported to be $2.66 per share, surprising the Wall Street estimates.
Despite the surprising revenues and earnings, the stock price could not perform well and slipped 7% lower.
The dividend days are nearing which may attract some long-term investors and the stock price may observe a hike. The JNJ company is all set to declare a dividend of $1.19 per share on 20 November.
Johnson & Johnson Stock Price Prediction 2023
JNJ stock price analysis showcases a recovery in the recent sessions. The price has recovered nearly 5% after taking a rebound from the $145 level. Despite the recent recovery, the trend seems to be pessimistic.
The most recent resistance on the upside is the $150 level which acted as a support earlier. The technical indicators imply that the price hovers below the key EMAs of 50-day and 200-day EMA indicating a bearish outlook at the moment.
The JNJ stock price prediction for 2023 signifies a mixed outlook in the current quarter. The price trend is slightly on the bearish side until it trades below the $150 level. The analysts offering a price forecast expect the price to reach a maximum of $172 by the end of 2023.
Johnson & Johnson Stock Price Prediction 2024
Analysts offering yearly price forecasts for Johnson & Johnson stock have a bullish outlook about the price trend and see a potential of over 43.93% on the upside. The price could reach a maximum of $216.97 by the end of the financial year 2024.
On the flip side, the minimum estimates of the analysts hope for a drawdown of 11.8% from the current market price and it may drop to a low of $134.9.
Conclusion
Johnson & Johnson stock price has experienced a surge after a strong quarterly result that beat analysts’ estimates. The revenues reported were $8.53 Billion. The earnings per share were $3.73 which was higher than expected.
The results triggered a gap-up opening by 16% and took a rebound from the 50-day EMA after a pullback. The JNJ stock price prediction for 2023 is bullish, with a target of $500 by the end of the year. Analysts expect the price to reach $600 by 2024.
Technical Levels
- Support Levels: $145.09 and $139.67
- Resistance Levels: $151.77 and $159.16
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/11/06/jnj-stock-forecast-can-dividends-initiate-a-recovery-for-jnj/