BMO Capital Remains Cautious on Bristol-Myers Squibb (BMY) Despite Decline; PT Lowered to $56
- Noble Energy (NBL) to Acquire Clayton Williams Energy (CWEI) for $2.7B in Cash and Stock
- Nasdaq hits record; bank earnings validate Wall St. rally
- UnitedHealth Group (UNH) Tops Q4 EPS by 4c; Affirms Outlook
- Intrawest Resorts (SNOW) Exploring a Possible Sale - Reuters
- Alibaba (BABA) Has No Plans to Acquire Rest of Groupon (GRPN) - Source
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
BMO Capital analyst Alex Arfaei lowered his price target on Market Perform-rated Bristol-Myers Squibb Co. (NYSE: BMY) to $56.00 (from $60.00) saying much uncertainty remains and they see a challenging 2017.
Arfaei commented, "Although BMY has declined ~35% since July, we remain cautious because we argue that considerable uncertainty remains regarding the growth prospects of the IO franchise (Bristol's key growth driver). Based on the available data, it is difficult to predict whether CM-227's Opdivo + Yervoy will be meaningfully better than PD-1 + chemo, or Astra’s Druva+Treme combo, which reads out 7-12 months earlier. We see a challenging 2017 (7-8% below consensus), which, if combined with mixed CM-227 results, could increase calls for Bristol to explore strategic options to diversify from IO."
FY 2016 EPS lowered from $2.61 to $2.60 and FY 2017 EPS from $2.71 to $2.69.
Shares of Bristol-Myers Squibb Co. closed at $50.02 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Goldman Sachs Upgrades Lamar Advertising (LAMR) to Buy
- Mizuho Maintains Buy On GameStope (GME), Says "We Remains Buyers"
- Morgan Stanley Upgrades Boyd Gaming (BYD) to Overweight
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesBMO Capital
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!