By Sam Boughedda
Investing.com -- Johnson & Johnson (NYSE:JNJ) faces macro headwinds that have the potential to affect first quarter results, according to Cantor Fitzgerald analyst Louise Chen, who lowered estimates on the pharmaceutical giant.
Chen said in a note that they are lowering first-quarter 2022 sales and EPS estimates from $23 billion and $2.25 to $22.6 billion and $2.16 in light of three new macro factors that could be a headwind to growth in the early part of the year.
The Russia/Ukraine war, Covid lockdowns in China, and the strengthening of the U.S. dollar are the macro factors the analyst pointed to.
"It is too early, in our view, to lower our full year 2022 sales and EPS estimates, but we do think FactSet consensus sales and EPS, which are at the higher end of JNJ's 2022 financial guidance, first presented on 1/25/22, could come down," said Chen.
The analyst concluded that those same macro factors could impact other large pharma companies under its coverage.
JNJ shares fell to $175.60 in the early part of Friday's session before clawing back the initial losses to trade 0.4% above Thursday's close.