Johnson & Johnson's (JNJ) better-than-expected Q2 results and raised full-year outlook are seen as "encouraging" versus the current macro environment, RBC Capital analysts said in a Wednesday note.

The drugmaker is also well-positioned to meet or exceed its full-year guidance as its pharmaceutical and medtech businesses continue to grow, the analysts said.

Growth in core drugs such as Darzalex, Tremfya, and Erleada and share gains in medtech, are expected to sustain revenue through year-end, the firm said.

RBC said that the company's innovation pipeline and broad-based execution support long-term confidence in its outlook.

RBC raised its price target to $185 from $181 and maintained an outperform rating on the stock.

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