J&J's run to record highs hasn't reached the finish line yet. Here are the key drivers

* UBS raises JNJ price target to $320 from $280. * JNJ growth expected to rise to 8%+ CAGR. * Defensive rally: JNJ up 33% YTD vs S&P 12%. UBS boosted its JNJ target to $320, citing revenue growth accelerating to 8%+, multiple expansion, and higher-margin products. Shares hit a record above $275, up 33% YTD versus the S&P's 12%. Analysts highlight Darzalex's patent hill, Tremfya's 71% Q2 growth, and Icotyde's $10B+ potential, calling JNJ one of the cleanest large-cap pharma stories.