Shares of Johnson & Johnson (JNJ) are higher in morning trading after a report published by Barron’s this weekend contended the company could see a 20% rally in its stock, adding that the company is less susceptible to possible cuts in drug and medical device spending.

BARRON’S SAYS J&J COULD SEE 20% RALLY: Johnson & Johnson shares could rally about 20% to the mid-$130s as operating improvements spur earnings growth, Barron’s said in a report this weekend. In a feature titled “J&J Deserves More Respect from Wall Street,” Reshma Kapadia said that while the stock has dropped about 5% since Donald Trump’s election, Johnson & Johnson is “less susceptible” to changes in pricing than its peers. Kapadia also argued that J&J could benefit from the president-elect’s promises to cut corporate taxes. Additionally, the report notes that the company is making “substantial” improvements in its consumer and medical devices businesses and that reduced concern about competition for the company’s blockbuster Remicade arthritis drug could also help boost the stock.

TRUMP VOWS TO BRING DOWN DRUG PRICES: Last week, Time magazine announced that Donald Trump has been named its Person of the Year for 2016. Speaking with the publication, the President-elect talked about the drug industry, suggesting that some stock analysts may have misinterpreted his intentions and vowed that he is “going to bring down drug prices.” Following the release of Time’s interview, shares of Johnson & Johnson, as well as peers Merck (MRK), Eli Lilly (LLY), Novartis (NVS), Pfizer (PFE), Celgene (CELG), Biogen (BIIB) and Amgen (AMGN) all declined. Weighing in on potential tax changes and the increased cash they would bring, Johnson & Johnson Chief Financial Officer Dominic Caruso told Barron’s that he “welcomes” corporate tax reform, as it would increase the company’s flexibility and competitiveness. Caruso added that J&J’s first priority “would be funding the dividend, which has increased for more than 50 consecutive years. Then we’d look at value-creating acquisitions, but only at the right time and right price.” Barron’s also noted that J&J’s progress is “hardly dependent” on Trump’s agenda or a major deal, as it has initiatives in place, including rearranging its business portfolio and bolstering its new drug pipeline.