"Upwards earnings revisions to JNJ 's Pharma business and multiple expansion, from 15x to 17x, forward P/E, driven by diminishing headlines risks from talc and opioids, should move shares higher. JNJ has reported eight consecutive years of pharma operational sales growth at a CAGR of 8.9%, about twice as fast as the global market. As the majority of loss of exclusivity anniversary this year, we think Pharma is well positioned to return to above-market growth in 2020+. We also think liabilities from talc and opioids are manageable with JNJ's cash balance, as well as its cash flow from operations."

Cantor initiated the stock as outperform and said it sees shares of the company moving higher following "diminished" risks from talc and opioid litigation.

Bank of America upgraded the cannabis company following a pullback in shares and a more "reasonable" valuation among other things.

"Two months ago, we downgraded Canopy Growth shares arguing Street estimates for Canopy were far too high given a temporary slowdown in provinces ordering cannabis (inventory had built given lack of retail stores). Now, w/shares -38% vs SPX +5% since our downgrade; 'bad news out'; valuation more reasonable; and, importantly, Street estimates achievable (even beatable) for maybe the first time in Canopy's history as a public company, channel inventory getting leaner, and data to look better ahead (retail $/volume), a bear case based on multiple compression and to a certain extent cash burn (despite still years of cash) seems less robust now."

Read more about this call here.