PT Raised For BMY By Deutsche Bank

Bristol-Myers Squibb Co.

is having its price target raised to $31.50 from $28 by Deutsche Bank and reiterating its Buy rating, based upon “the prospects for important new drug catalysts by year end. [Our] price target is based upon a DCF valuation utilizing a 5.5 times terminal multiple (up from 5 X) based upon the increasing likelihood that the late stage new drug pipeline will be successful in accelerating BMY's growth post the Plavix patent cliff. A lofty dividend yield of 4.7%, in our view, limits the downside. BMY drugs are in Ph 3 development (ipi, apixaban, and dapa) and each have $1 billion in sales potential,” according to Deutsche Bank. Bristol-Myers Squibb Co. closed yesterday at $27.79.