Cowen Raises Price Target as IO Drives Bristol-Myers Squibb (BMY)

Cowen reiterated an Outperform rating on Bristol-Myers Squibb Co. (NYSE: BMY), and raised the price target on $100.00 (from $75.00). The outlook for BMY is closely linked to the ultimate size of the immune oncology opportunity. The ultimate potential of IO is difficult to comprehend. However, few investors doubt IO's potential and BMY's strong position within it.

Analyst Steve Scala commented, "BMY continues to ride the crest of the immune oncology wave, which increasingly looks like it will change the face of cancer treatment. BMY estimates have moved up again as IO market forecasts have increased and BMY's position in IO remains firm, driving growth 2x+ its pharma peers through 2020. Collectively we think these attributes will make BMY the top performing pharma stock in 2016."

For an analyst ratings summary and ratings history on Bristol-Myers Squibb Co. click here. For more ratings news on Bristol-Myers Squibb Co. click here.

Shares of Bristol-Myers Squibb Co. closed at $67.62 yesterday.

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