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Credit Suisse: We Prefer Pfizer, Bristol Over Pharma Peers

Credit Suisse: We Prefer Pfizer, Bristol Over Pharma Peers

Credit Suisse reviewed its stances on major U.S. pharma names in a note this week, though the analysts came to the same conclusion that Bristol-Myers Squibb Co (NYSE: BMY) and Pfizer Inc (NYSE: PFE) were the best in class. The analysts also noted that they have an Outperform rating on AbbVie Inc (NYSE: ABBV).

Alongside this analysis, Credit Suisse increased its price targets for Bristol-Myers, from $70 to $75, Pfizer, from $36 to $37, while leaving its AbbVie price target unchanged at $69. The analysts also increased their price targets for Eli Lilly and Co (NYSE: LLY) by $1 to $72 and Merck & Co., Inc. (NYSE: MRK) by $2 to $62. Credit Suisse rated both of those stocks at Neutral.

For Bristol-Myers, the analysts pointed to the early stop of its CheckMate ‘057 Opdivo trial study as reason to increase its near-term immuno-oncology estimates. Based on a discounted cash flow analysis, Credit Suisse forecasted operating margins of 45 percent in 2023, driven by a 1.5 percent "terminal growth rate."

Likewise, the early stop of Pfizer's PALOMA-3 trial from positive results has Credit Suisse increasing both the near- and long-term estimates of Ibrance. The analysts said that its estimates and outlook does not include Pfizer's acquisition of Hospira, Inc. (NYSE: HSP).

Arguably, Credit Suisse is least optimistic on Johnson & Johnson (NYSE: JNJ), revising its price target lower to $108, from $110 prior. That price target does still reflect 8 percent upside in the stock, however.

Latest Ratings for BMY

Jan 2020CitigroupReinstatesBuy
Dec 2019Argus ResearchUpgradesHoldBuy
Nov 2019Gabelli & Co.Initiates Coverage OnBuy

View More Analyst Ratings for BMY
View the Latest Analyst Ratings

Posted-In: bristol-myers squibb Credit Suisse PfizerAnalyst Color Biotech Price Target Analyst Ratings General Best of Benzinga


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