UPDATE: Credit Suisse Reiterates Outperform Rating, Raises PT on Bristol-Myers Squibb Co. on Divestiture of Stake in Diabetes Joint Venture

In a report published Friday, Credit Suisse analyst Vamil Divan reiterated an Outperform rating on

, and raised the price target from $56.00 to $60.00. In the report, Credit Suisse noted, “Details of BMY's divestiture of its stake in its diabetes joint venture (JV) with AZN reflect strong strategic merit with better than expected economics (>$6Bn in probability-adjusted NPV due to BMY from AZN). This divestiture wisely allows BMY to focus its resources on the more attractive, profitable immuno-oncology (I-O) space and leads us to reiterate our OP rating and raise our target price to $60 (from $56).” Bristol-Myers Squibb Co. closed on Thursday at $53.84.