Bristol-Myers Squibb (BMY – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Geoff Meacham from Bank of America Securities maintained a Hold rating on the stock and has a $60.00 price target.
Geoff Meacham has given his Hold rating due to a combination of factors including the performance expectations for Bristol-Myers Squibb’s key products and the company’s upcoming financial prospects as reflected in consensus estimates. Meacham’s analysis takes into account the most recent consensus estimates for the first quarter of 2024 and the full year, noting slight differences between these figures and those of Bank of America Securities. While there has been a marginal increase in the consensus estimate for adjusted EPS over the past week, the consensus for total revenue shows a small decline, indicating a mixed financial outlook in the short term.
Furthermore, Meacham is likely considering the key questions that are to be addressed in the upcoming earnings call, which include the commercial performance of major franchises like Eliquis and Opdivo, the metrics for newly launched products, and the overall competitive landscape that Bristol-Myers Squibb is navigating. The anticipation of updates on product launches and key catalysts in 2024, as well as the company’s business development appetite, are factors that could significantly influence the stock’s future performance. Meacham’s Neutral rating suggests that while there may be positive aspects to the company’s strategy and product pipeline, there are also uncertainties and risks that warrant a cautious investment approach at this time.
In another report released on April 22, Cantor Fitzgerald also maintained a Hold rating on the stock with a $52.00 price target.
BMY’s price has also changed moderately for the past six months – from $56.120 to $48.860, which is a -12.94% drop .
TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.
Bristol-Myers Squibb (BMY) Company Description:
Founded in 1933, New York-based Bristol-Myers Squibb Co. is a global pharmaceutical company, which engages in the development, licensing, manufacturing, distribution, and sale of biopharmaceutical products in several therapeutic areas. These include cancer, HIV/AIDS, cardiovascular disease, diabetes, hepatitis, rheumatoid arthritis and psychiatric disorders.
Read More on BMY:
- BMY Earnings this Week: How Will it Perform?
- Bristol Myers price target lowered to $52 from $55 at Cantor Fitzgerald
- Bristol Myers and Cellares sign $380M agreement for CAR T cell therapies
- Options Volatility and Implied Earnings Moves This Week, April 22 – April 26, 2024
- Bristol Myers price target raised to $52 from $51 at Wells Fargo
