UPDATE: JP Morgan Raises PT to $35 on Bristol-Myers Squibb on ASCO Update

JP Morgan remains Neutral-rated on Bristol-Myers Squibb

and raises its price target from $33 to $35. JP Morgan notes, "Coming out of ASCO this week, we see Bristol's anti-PD-1 (BMS-936558) as the clear highlight of the meeting within our coverage and are formally adding the product to our model. While we are maintaining our Neutral rating on BMY shares and phase III data on PD-1 is still years away, the phase I results presented at the meeting point to a clearly active drug in several tumor types and we view PD-1 as a very attractive longer-term opportunity for the company." BMY closed at $33.48 on Friday.