Johnson & Johnson $JNJ has attracted plenty of analyst attention, but I’m looking beyond the ratings before getting too optimistic. The stock has already delivered a strong run, gaining more than 35% year to date, and that makes the current valuation an important part of the conversation.

Some analysts remain positive, with price targets reaching $320, while others are more cautious about how much growth is already reflected in the share price. I also want to see how the company handles MedTech growth, acquisition-related costs, and its upcoming earnings report.

I like the defensive side of healthcare businesses, especially when markets get volatile. But even a quality company can become an expensive investment if expectations get too high. I’m more interested in whether JNJ can keep growing earnings than simply following analyst upgrades.

Would you still consider JNJ at these levels, or would you wait for a better entry point?