Goldman Sachs analyst Jami Rubin upgraded Johnson & Johnson (JNJ) to Neutral with an unchanged price target of $134. The shares closed yesterday down $1.11 to $126.24.

The stock is down 10% year-to-date and 15% from its recent all-time high of $148, Rubin tells investors in a research note. She notes J&J is trading in line with the large-cap Pharmaceuticals group at 15 times 2019 estimates. The company's non-operational earnings revisions are now better understood by investors at current share levels, Rubin contends.

The analyst this morning also downgraded Perrigo (PRGO) to Sell from Neutral.