Goldman Sachs Upgrades Bristol-Myers Squibb Co. (BMY) to Buy
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Price: $43.30 +1.24%
Rating Summary:
6 Buy, 8 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
6 Buy, 8 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade BMY Now!
Goldman Sachs upgraded Bristol-Myers Squibb Co. (NYSE: BMY) from Neutral to Buy with a price target of $37, as part of a broader call to raise Largecap Pharma to Attractive.
The firm notes BMY is on the "cusp of change" and is emerging as having the best EPS visibility post the 2013 patent cliff. They expect Street consensus to move higher over the next 6-12 months.
Goldman said, "high margin contribution from new drugs (estimated 69% of sales by 2016) should more than offset nearterm margin erosion from upcoming patent expirations."
For more ratings news on Bristol-Myers Squibb Co. click here and for the rating history of Bristol-Myers Squibb Co. click here.
Shares of Bristol-Myers Squibb Co. closed at $30.95 yesterday, with a 52 week range of $24.97-$31.78.
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The firm notes BMY is on the "cusp of change" and is emerging as having the best EPS visibility post the 2013 patent cliff. They expect Street consensus to move higher over the next 6-12 months.
Goldman said, "high margin contribution from new drugs (estimated 69% of sales by 2016) should more than offset nearterm margin erosion from upcoming patent expirations."
For more ratings news on Bristol-Myers Squibb Co. click here and for the rating history of Bristol-Myers Squibb Co. click here.
Shares of Bristol-Myers Squibb Co. closed at $30.95 yesterday, with a 52 week range of $24.97-$31.78.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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