BMO Capital Remains Cautious on Bristol-Myers Squibb (BMY) Despite Decline; PT Lowered to $56
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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.
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