J&J rises after announcing $5.5 billion settlement to resolve talc lawsuits

** Shares of Johnson & Johnson (JNJ.N) were up 2.3% at $272.96 in premarket trading.

** J&J said it would pay an estimated $5.5 billion to resolve tens of thousands of lawsuits alleging its baby powder and other talc products cause ovarian cancer.

** "JNJ's position today appears more favorable than at any point during its previous attempts to resolve this decade-long litigation" - Leerink Partners

** The company said the settlement covers about 76,000 claims, including ones consolidated in federal court in New Jersey and related cases in state court, representing nearly all of the remaining talc claims against it.

** The average rating of 27 analysts is "buy"; their median price target is $274 - LSEG-compiled data.

** Up to Monday's close, the stock was up 28.5% year to date.