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UPDATE: Goldman Sachs Starts Bristol-Myers Squibb Co. (BMY) at Buy

December 17, 2021 6:23 AM EST
Get Alerts BMY Hot Sheet
Price: $70.03 -0.3%

Rating Summary:
    12 Buy, 15 Hold, 4 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 8 | Down: 9 | New: 24
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(Updated - December 17, 2021 6:31 AM EST)

Goldman Sachs analyst Chris Shibutani initiates coverage on Bristol-Myers Squibb Co. (NYSE: BMY) with a Buy rating and a price target of $72.00.

The analyst comments "We are initiating coverage of Bristol Myers Squibb (BMY) with a Buy rating and 12-month price target of $72, implying 16% upside from current levels. We see an attractive entry point in the shares, as we believe current levels reflect overly pessimistic views on the outlook for new product launches and key pipeline assets. Our forecasts of peak sales for mavacamten and deucravacitinib in particular, as informed by clinician KOL inputs, are above consensus. We believe plans for strengthening and extending value from the Opdivo/IO franchise are also underappreciated. The magnitude of BMY's loss of exclusivity (LOE) exposure is well understood and more than fully reflected in the stock, in our view. We see sufficient scope, through a range of outcomes from upcoming non-binary events, to enable BMY to deliver on guidance of low- to mid-single-digit growth through the 2020-25 period. From a structure and strategy standpoint, it is our view that the company's commentary on capacity to pursue business development is conservative. Overall, we like the risk/reward with low expectations and skepticism ahead of largely non-binary upcoming events and execution milestones that we believe have the potential to set up a stair-step path for building confidence in growth opportunities and, in turn, bolstering sentiment."

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 $62.17 yesterday.


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