Goldman Sachs Raises Bristol-Myers (BMY) Target to $57, Maintains Neutral Rating
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 2h ago
0mins
Source: Yahoo Finance
- Target Price Adjustment: Goldman Sachs raised Bristol-Myers Squibb's price target from $51 to $57 while maintaining a Neutral rating, reflecting market recognition of its 4.6% dividend yield and 85% payout ratio despite pressures from a patent cliff.
- Revenue Growth: In Q3, Bristol-Myers' growth drugs saw an 18% year-over-year sales increase to $6.9 billion, offsetting a 12% decline in legacy revenue, which pushed total revenue up 3% to $12.2 billion, demonstrating resilience in its product portfolio.
- Product Portfolio Analysis: The company categorizes its products into 'growth' and 'legacy' drugs, with growth drugs like Opdivo still under patent protection, while legacy products like Eliquis face increasing competition, highlighting strategic adjustments in response to patent risks.
- Market Positioning: Bristol-Myers continues to position itself as a global biopharmaceutical company focused on developing innovative medicines for patients with serious illnesses, attracting investor interest despite competition from AI stocks due to its stable dividends and revenue growth.
BMY
$54.21+Infinity%1D
Analyst Views on BMY
Wall Street analysts forecast BMY stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for BMY is 52.67 USD with a low forecast of 36.00 USD and a high forecast of 68.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
18 Analyst Rating
6 Buy
11 Hold
1 Sell
Moderate Buy
Current: 54.110
Low
36.00
Averages
52.67
High
68.00
Current: 54.110
Low
36.00
Averages
52.67
High
68.00
About BMY
Bristol-Myers Squibb Company is a global biopharmaceutical company. It is engaged in the discovery, development and delivery of transformational medicines for patients facing serious diseases in areas: oncology, hematology, immunology, cardiovascular, neuroscience and other areas. Its growth portfolio includes Opdivo (nivolumab), Opdivo Qvantig (nivolumab and hyaluronidase-nvhy), Yervoy (ipilimumab), Reblozyl (luspatercept-aamt), Opdualag (nivolumab and relatlimab-rmbw), Breyanzi (lisocabtagene maraleucel), Camzyos (mavacamten), Zeposia (ozanimod), Abecma (idecabtagene vicleucel), and Sotyktu (deucravacitinib). Its other growth products include Onureg, Inrebic, and Empliciti. Its legacy portfolio includes Eliquis (apixaban), Revlimid (lenalidomide), Pomalyst/Imnovid (pomalidomide), Sprycel (dasatinib), and Abraxane (paclitaxel albumin-bound particles for injectable suspension). Opdivo (nivolumab) is a fully human monoclonal antibody that binds to the PD-1 on T and NKT cells.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
