Johnson & Johnson (NYSE:JNJ) may have its antennae up for a potential deal to be made, according to Canaccord analysts. The firm notes that the pharmaceutical giant will likely have something to say about a rumored deal that has recently popped up in the news cycle.
Investor’s Business Daily shares what the firm had to say about Johnson & Johnson.
Dow Jones component Johnson & Johnson (JNJ) could engage in a bidding war to sweep Boston Scientific (BSX) out from under Stryker (SYK), an analyst said Tuesday following rumors the latter two could merge.
A report emerged Monday that Stryker approached Boston with a takeover bid. Boston shares spiked on the rumor as Stryker toppled. But Canaccord analysts say Stryker could be far from the only medical device maker with interest in Boston.
A deal between Stryker and Boston Scientific is far from a done deal, but the rumors have gained a ton of traction. In a note to clients, Cannacord analysts explained why they think Johnson & Johnson is going to get involved.
“If the headlines are substantiated and Stryker is in fact making a bid on Boston Scientific, we see a high likelihood that J&J could emerge as another potential bidder,” they wrote. “J&J had been bantered about as a potential Boston Scientific acquirer for years, and if a bidding war emerges, we’d place a high likelihood on J&J being involved.”
Johnson & Johnson shares were trading at $123.71 per share on Wednesday morning, up $1.17 (+0.95%). Year-to-date, JNJ has declined -10.23%, versus a 5.04% rise in the benchmark S&P 500 index during the same period.
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