Shares of Johnson & Johnson (NYSE:JNJ) are on the move in a big way on Monday, surging more than 2.8% in intraday trading in what is the best one-day gain for the healthcare heavyweight since December.

The move pushes the stock up and out of its two-month consolidation range — crossing up and over its 50-day moving average and upper Bollinger Band — to return to levels not seen since March.

The move was motivated by an upgrade to overweight by analysts at JP Morgan, who are not looking for a price target of $140. Analyst Michael Weinstein, noting the headwinds faced over the last 12 months on fears of slowing sales growth and competitive pressure in the drug business, has lowered expectations and made valuations in the sector more attractive.

Weinstein believes the negativity may be overdone and is looking for sentiment to turn more positive over the next six to 12 months. He is also looking for JNJ’s pharmaceutical sales growth to ramp from a 2% rate in the first half of 2017 to a range of 5% to 6% in the second half.

The company will next report results on July 18 before the bell. Analysts are looking for earnings of $1.78 per share on revenues of $18.95 billion. The company reported mixed first-quarter results, with earnings topping estimates but revenues missing.

Anthony Mirhaydari is founder of the Edge (ETFs) and Edge Pro (Options) investment advisory newsletters. A two-week and four-week free trial offer has been extended to Investorplace readers. Redeem by clicking the links above.