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Johnson & Johnson is in for a strong 2020, says Barclays as it upgrades the stock

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Johnson & Johnson "checks a lot of boxes heading into 2020," according to Barclays.

The firm upgraded shares of the pharmaceutical and consumer packaged goods company to overweight from equal weight and hiked its 12-month price target to $173 per share from $140 per share. Johnson & Johnson closed at $143.19 per share on Wednesday.

"We expect JNJ's PE to expand closer to its peers and the market as investors return to focusing on fundamentals and reconsider its defensive merits," said Barclays analyst Kristen Stewart in a note to clients on Thursday.

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