UPDATE: Morgan Stanley Upgrades Bristol-Myers Squibb Co. on Potential of New Cancer Drugs

In a report published Monday, Morgan Stanley analyst David Risinger upgraded the rating on Bristol-Myers Squibb Co. BMY from Equal-Weight to Overweight, and raised the price target from $45.00 to $60.00. In the report, Morgan Stanley noted, “Upgrading to OW and raising PT from $45 to $60 after raising 2020E EPS by 27%; $60 PT is up 23% from Friday's close. BMY is the leading contender to transform cancer treatment with new drugs that boost the immune system.” Bristol-Myers Squibb Co. closed on Friday at $48.77.