Jefferies Cuts Price Target on Bristol-Myers Squibb (BMY) to $57; Reiterates hold
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Jefferies reiterated a Hold rating on Bristol-Myers Squibb Co. (NYSE: BMY), and cut the price target to $57.00 (from $69.00). Jefferies believes that the market could see worse than expected data from CM-026 and CM-568 as well as better than expected data from AZN's MYSTIC study and Roche's Chemo-IO studies in 2017.
Analyst Jeffrey Holford commented, "We see a difficult catalyst set for BMY with numerous competitor read outs in NSCLC as well as further downside to expectations for CM-026, CM-568 and CM-227. The market under-estimates AZN's MYSTIC study as well as Roche's Chemo-IO studies in our view. We model EPS up to 12% lower than consensus mid term. We strongly prefer risk-reward from Immuno-Oncology exposure through AZN (upgraded to Buy today) over BMY."
Shares of Bristol-Myers Squibb Co. closed at $55.66 yesterday.
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