Bristol-Myers Squibb (BMY): Raising PT To $72 - Citi

Bristol-Myers Squibb (NYSE: BMY)
Citi analyst, Andrew Baum, reiterated his Buy rating on shares of Bristol-Myers Squibb Co. (NYSE: BMY) and raised his price target to $72 from $55 on the belief that the market dramatically undervalues PDx opportunity outside NSCLC.

The analyst stated "our target price discounts BMY NSCLC contribution of c.$5bn revenue per annum from NSCLC. Outside the $22bn PDx lung opportunity, we believe that market continues to underestimate the >$30bn ex-lung market potential (adjuvant and metastatic cancer) where BMY is well positioned given its 40 phase III clinical trials, 11 initiated in the last 12 months (8 with Yervoy)".

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 $64.18 yesterday.

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