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- Credit Suisse has initiated coverage on Bristol-Myers Squibb Co (NYSE:BMY) with a Neutral rating and a price target of $78.
- The analysts believe management continues to perform well in its immuno-oncology, immunology, and hematology franchises and its pipeline.
- However, the company has the lowest growth profile among its peer set, stemming from key losses of exclusivity (LOEs), which could be overwhelming without M&A. This risk/reward is well reflected in valuation with a 9.7x one-year forward P/E.
- Related: US Supreme Court Throws Out Bristol Myers Appeal On Cancer-Drug Related Patent With Gilead.
- Multiple expansions should come from successful launches (Sotyktu, Camzyos, and cell therapies). Still, launch expectations are too high. The analysts expect to see execution before being comfortable with consensus expectations.
- Against an uncertain macro backdrop, low-growth value stocks like BMY underperforming higher-growth peers.
- Price Action: BMY shares are trading up 0.03% at $77.18 on the last check Friday.
- Photo Via Company
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