UPDATE: J.P. Morgan Upgrades Bristol-Myers Squibb Ahead of Multiple Important Catalysts
In a report published Monday, J.P. Morgan analyst Chris Schott upgraded the rating on Bristol-Myers Squibb Co. (NYSE: BMY) from Neutral to Overweight, and raised the price target from $50.00 to $52.00.
In the report, J.P. Morgan noted, “With Bristol shares having pulled back over the past several months, we are upgrading the stock to Overweight ahead of a number of important catalysts over the next 12-18 months, particularly for the company's immunotherapy platform. These include initial nivolumab/Yervoy combo data in NSLSC as well as the completion of several nivolumab phase III studies. While Bristol trades at a high multiple on near-term earnings (21x 2014E), we forecast a roughly 13% EPS CAGR for the company through 2020 with substantial potential upside to these estimates as we get additional clarity on the company's pipeline.”
Bristol-Myers Squibb Co. closed on Friday at $43.56.
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