J&J shares sank as much as 11.9 percent on Friday after Reuters reported that the company knew for decades that its iconic talcum power contained asbestos. The plunge in Johnson & Johnson's stock price following a report suggesting the company knew about asbestos in its baby powder is overdone and "excessive," Wells Fargo told clients Friday. Wells Fargo, which said it still believes J&J's stock will outperform despite the allegation, said the selling based purely on the outcomes of any talc litigation is likely overstated. "Based on prior high-profile product liability cases in drug and device sectors, we believe any potential settlement should be manageable for JNJ," analyst Larry Biegelsen wrote Friday. "Even if all 11,700 talc cases settled for $280,000 per case (the highest per case settlement amount among the cases we've tracked), the total liability to JNJ would be $3.3 billion. With over $19 billion of cash and marketable sec
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