In a report published Monday, J.P. Morgan analyst Chris Schott upgraded the rating on Bristol-Myers Squibb Co. 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. We are also raising our price target to $52.”
Bristol-Myers Squibb Co. closed on Friday at $43.56.
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