Citi Initiates Coverage on Bristol-Myers Squibb (BMY) with a Neutral
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Citi initiates coverage on Bristol-Myers Squibb (NYSE: BMY) with a Neutral. Price target $23.
Citi analyst says, "We project above average 3-year (2008-'11) incremental pharma sales of $4B supported by robust growth from inline brands & improving new product performance. BMY's pipeline score is above its peer group average, with 51% of its score in late stage assets...BMY's superior operational growth outlook, attractive pipeline, ~5.5% dividend yield & prospects for M&A as its "patent cliff" approaches should limit downside risk from current levels."
Bristol-Myers Squibb Company (Bristol-Myers Squibb or BMS), incorporated in August 1933, is engaged in the discovery, development, licensing, manufacturing, marketing, distribution and sale of pharmaceuticals and other healthcare-related products.
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