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Bear Stearns Ups Johnson & Johnson Rating

Bear Stearns upgraded Johnson & Johnson (JNJ) to outperform from peer perform.

Analyst Rick Wise says Johnson & Johnson looks increasingly attractive for long-term investors. He says most of these concerns are well understood, have been discussed extensively by the investment community, and captured in J&J's forward earnings multiple, which is now below the historical mean range.

Wise thinks the drugmaker will continue to do what it has done for the past 100-plus years: grow its top line in excess of 10%, and grow the bottom line in the low-to-mid single-digit pace. He says valuation looks attractive. He sees $2.64 2003 earnings per share, and $3.00 earnings per share in 2004.

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