In March, we mentioned the opioid crisis risk for JNJ but also noted that Portfolio Armor estimated a potential return of 6.7% for the stock over the next several months.

Since then, JNJ has climbed 7.25%, but now the Financial Times warns of a "tidal wave" of lawsuits related to the opioid epidemic, and ultimately, a tobacco-sized settlement.

We elaborate, update our current potential return estimate for JNJ, and present a way longs can position themselves to capture it while strictly limiting their risk.

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