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Johnson & Johnson (JNJ) - Get Free Report  shares on Friday jumped after an upgrade by an industry analyst who said the pharma and health-care products giant's stock price is a bargain.

The stock at last check was up 2.1% to $131.81 a share after Bernstein upgraded the rating on J&J to outperform from market perform.

J&J's shares are "historically cheap" and the news of the lawsuits facing the New Brunswick, N.J., giant has been factored into the share price, the firm said. 

A Philadelphia jury on Tuesday awarded $8 billion of punitive damages to a man who claimed that J&J's Risperdal anti-psychotic drug caused him gynecomastia, or enlarged breasts. J&J said it expected the award to be overturned on appeal.

Johnson & Johnson also has been ordered by an Oklahoma judge to pay $572 million, a judgment stemming from charges the pharma giant helped fuel the opioid crisis in the state. J&J has appealed the Oklahoma ruling. 

Meanwhile, sales of J&J's Imbruvica and Darzalex cancer-fighting drugs are on the rise as the company prepares to release its third-quarter earnings on Oct. 15, according to Zacks Investment Research.

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