Johnson & Johnson (NYSE:JNJ) is down around 3% after the healthcare products company reported disappointing Q117 results. The recent rally and the meager organic growth supports my previous research that the stock was vastly overvalued.
Despite this warning, JNJ rallied to new highs recently at $129. The question now is whether the stock is touchable down at nearly $120.
The company reported a 5.8% gain in the quarterly earnings per share while generating revenue growth of only 1.7%. Even worse, the healthcare giant missed revenue estimates again. In fact, JNJ has missed revenue estimates five times in the last two years.
